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New Visitor
Simplypositive
Posts: 4
Registered: ‎04-17-2007
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Re: can't figure out the difference between myfico score and my lender's scores?

I used a broker and she was AMAZING! Absolutely a miracle worker. If you find the a good broker they are worth their weight in GOLD! She was able to purchase in house and make my dream home a reality! Wallick and Volk... Cindy Bradley... Cheyenne, WY
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FreeRateSearch
Posts: 14
Registered: ‎04-17-2007
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Re: can't figure out the difference between myfico score and my lender's scores?

[ Edited ]
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 AM

Message Edited by FreeRateSearch on 04-17-2007 07:07 AM
New Contributor
LustForTheMoment
Posts: 65
Registered: ‎03-24-2007
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Re: can't figure out the difference between myfico score and my lender's scores?

I subscribe to True Credit as well as MyFico. It's clear that True Credit scores are "FAKO" scores, not "FICO" scores. That said, they clearly trend in the direction of my score on this site and are accessible much more frequently without additional cost. However, it's clearly worthwhile for anyone trying to secure a mortgage to obtain a real FICO score.
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EQ FICO...816

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