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springs
Posts: 1
Registered: ‎10-12-2007
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The score I paid for was different than what they gave the bank...

I've looked around the forums to see if this has been addressed before, but I couldn't find anything so.... Long story short: Paid for all 3 credit scores from all 3 CRAs. Highest score: 712 from Experian. Other two were still good numbers. Went to my bank to see about pre-qualing for a mortgage, got turned down. Why? Because, while the other 2 credit scores were 'still good numbers' (meaning the numbers the bank was given matched the numbers I'd been given), Experian gave me a credit score of 540. Less than 24 hours after I'd paid for my credit score and was told 712. Was wondering if this has happened to anyone else. And what IS the reasoning behind it? How can they tell me one thing and the bank something else? How can I click a button under Experian's claim that "learn your credit score, this is the same credit score lenders see"........and have it be so different? Any input, folks? On a side note, I fired off a very nasty email to experian and ended up getting my $ refunded. It was only $5.95 but dang, it's the principle of the thing! Jeremy
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MeganML84
Posts: 388
Registered: ‎09-06-2007
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Re: The score I paid for was different than what they gave the bank...

Read this thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

You will find the answers you need!

Wisdom doesn't automatically come with old age. Nothing does - except wrinkles. It's true, some wines improve with age... but only if the grapes were good in the first place.
Established Member
najerme
Posts: 15
Registered: ‎08-05-2007
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Re: The score I paid for was different than what they gave the bank...

Ok, this sounds scary.  I want to apply for a mortgage in a couple of months.  Does this mean that the scores i am purchasing on myfico.com and equifax.com are NOT correct and that when I go apply for a mortgage the scores the banks pull up are going to be different from what I'm seeing.  What is the point of purchasing our scores then?
 
I read the thread posted above, but that doesn't make me feel better.....maybe i'm not fully understanding the situation above.  MeganML84, did you purchase your scores from myfico....meaning were they FICO scores and not FAKO scores?  The EX score difference from your number and the bank's number just seems to large of a gap if you were pulling FICO scores.
Established Member
najerme
Posts: 15
Registered: ‎08-05-2007
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Re: The score I paid for was different than what they gave the bank...

Sorry, I meant to direct my question to Springs, not MeganML84.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: The score I paid for was different than what they gave the bank...


najerme wrote:
Ok, this sounds scary. I want to apply for a mortgage in a couple of months. Does this mean that the scores i am purchasing on myfico.com and equifax.com are NOT correct and that when I go apply for a mortgage the scores the banks pull up are going to be different from what I'm seeing. What is the point of purchasing our scores then?


Mortgage lenders almost always use classic FICO scores, which are the ones you buy here. (Sometimes they call them Beacon scores.) There are tweaked FICO scores for car loans and for bank cards/ credit cards. (And of course, mortgages are driven by more than scores.)

I think that you read the string that MeganML84 posted, so unfortunately you now know the difference between FAKO's (the scores you bought from the sites) and FICO's. The last I looked, my EQ FICO was 70 points lower than my TrueCredit EQ FAKO, although my other two have higher FICO's. There is just no correlation between them at all.

There's a link posted near the top of all the boards here called "USA Today wants to hear from you!" I think someone from USA Today is doing an article about people like you who got bombed at the bank because they had the "wrong" scores.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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