It is true. There are many scoring models, but they are not that far off from one another. FICO is the ONLY scoring model that is used for mortgages. The three "bureaus" (actually agencies and repositories) have some new "vantage" score they are touting that has NOTHING to do with mortgages...in fact, as far as I know, it has nothing to do with anything, other than baiting you into buying their services...but, in any event, what good can it do when you are trying to get a mortgage?
I am not sure what score your broker is using, but I would
ask to see it!! These vantage scores go way beyond FICO limits. I have a website that checks loans and rates for the public, (
http://www.FreeRateSearch.com in beta right now, but you can use it for free and we don't ask for any personal info) and I see people entering scores of 900!! there is no such FICO score.
If you haven't bought your myFICO deluxe kit, yet...do it. This thread is a perfect example of why everyone should have it.
Message Edited by FreeRateSearch on
04-17-2007 07:07 AMMessage Edited by FreeRateSearch on
04-17-2007 07:07 AM