Why isn't a fico score the same no matter who pulls the report?

[haulingthescoreup]

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@erchambers wrote:

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@haulingthescoreup wrote:
Classic = mortgage.

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Dallas said there is a mortgage enhanced version, too, that is different than classic.

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Good Lord, seriously? That's news to me (not that mortgages are my thing.) The mortgage reports I've seen have always had "classic" as part of the score report names --Equifax Beacon, etc.

[marty56]

MattH,

My TU score went up 11 point while my EX score went up 16 points for the same util change.  Also I dont have the records but it seems that EX doesnt care as much about the # of credit cards reporting like TU does.  We will see at the end of the monthwhen util is vrey low.

[athensguy]

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@DallasLoanGuy wrote:
Mortgage Enhanced FICO weighs things differently than Classic FICO.
Auto dealers have an Auto Enhanced FICO.
As you can guess, my mortgage fico would be higher than the Auto FICO if the aplicant had a repo

Should be pretty close to what you can pull. Maybe a smidge higher or me if you have a paid ontime mortgage reporting.

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Fun stuff!

[Junejer]

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@erchambers wrote:

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@DallasLoanGuy wrote:
Mortgage Enhanced FICO weighs things differently than Classic FICO.
Auto dealers have an Auto Enhanced FICO.
As you can guess, my mortgage fico would be higher than the Auto FICO if the aplicant had a repo

Should be pretty close to what you can pull. Maybe a smidge higher or me if you have a paid ontime mortgage reporting.

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Fun stuff!

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I read that and would like to have ocular proof of that.

I'm with HTSU. Classic=Mortgage

[ChuckG]

Interesting... so knowing that a lender can in fact pull any number of different formula from Fair Issac, what makes myfico.com's "official FICO scores" any better than a FAKO?

[Junejer]

Let's get some clarity on this subject once and for all. There are Classic FICO scores, which the mortgage industry utilizes. You get those same scores here. You have EQ Beacon, EX Fair Isaac Model and TU Empirica classic '98 or '04 (you get the '98 version here, as about 50% of lenders still use that model and about 50% use the newer '04 model). If you were to walk into your local bank or CU, they will also use the classic models from one of the repositories (EQ, EX or TU).

Further, there are the following enhanced versions of FICO:

Auto-enhanced (car dealers use only) puts more emphasis on how you handled car loans.
CC-enhanced (CCC use) puts more emphasis on how you handled CCs.

There are no other enhanced versions of FICO. Mortgage = Classic PERIOD.

Why is the myfico.com scores better than a FAKO, b/c that's what lenders use--FICOs.

Hope this brings clarity and eases confusion.

[marty56]

I am going for an auto loan soon so because I have several paid and one current auto loan all with perfect payment histories that my auto enchanced score would be at least as high as my normal FICO score.   Of course the converse would be true if you had payment problems on auto loans.

So far, most of the dealers I spoke with do not use the auto version of your FICO score.  My CU says it doesn't either.

IMHO  the dealer might use it  to help you get a better interest rate if you dont qualify using your plain FICO score.

Message Edited by marty56 on 06-09-2008 10:39 AM

[haulingthescoreup]

Just got confirmation that there is currently no such thing as a "mortgage-enhanced" FICO score. Apparently TU tried to float one a decade or so ago, and no one used it, and it is no longer around. But it's always possible that someone in the lending industry heard the term and started using it, not realizing that there isn't such a beast nowadays.

So again, the scores that you get here are classic FICO scores as used by the mortgage lending industry, with the occasional exception of the TU score, of which half the lenders are using an older version and the other half the newer version.

[marty56]

Anyone know the difference between the 98 and 04 score.  Just curious.

[Junejer]

Just an updated model of the stuff that TU likes to see in an algorithm. A few months ago, when I was in my mortgage search, I had lenders pull both the '98 and '04 versions of TU on the same day (within minutes actually). The EQ and EX scores were identical for the two, but the TU '04 was 30 points higher than the '98 version was.

That said, today, it could be 30 points lower. Who knows?