fico score

[ficofan]

I was under the impression that my score thru fico was the same as what the creditor saw, however it is not.  When I purchased my score thu my fico it was not the same as when a mortgage lender pulled it.  It was about 20 points less! Why?  How can you know when you are ready to make a major purchase?

[Junejer]

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@ficofan wrote:

I was under the impression that my score thru fico was the same as what the creditor saw, however it is not.  When I purchased my score thu my fico it was not the same as when a mortgage lender pulled it.  It was about 20 points less! Why?  How can you know when you are ready to make a major purchase?

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It should be the same. What is the timeframe difference between when you pulled at myfico.com and when your lender pulled it.

[llecs]

The formula used by your lender is slightly different and tends to be weighted towards the mortgage industry. It puts more emphasis on your mortgage history. The same goes for the auto industry as well.

[Junejer]

The scores in my siggy are EXACTLY the same as my mortgage lender's tri-merge reports. The myfico report and my mortgage report are reporting exactly the same scores.

[haulingthescoreup]

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@llecs wrote:

The formula used by your lender is slightly different and tends to be weighted towards the mortgage industry. It puts more emphasis on your mortgage history. The same goes for the auto industry as well.

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Actually, the scores that we can get here are the mortgage version, which is considered the classic version. There are tweaked scores for auto loans and for credit cards.

Hi, ficofan, welcome to the forums! What was the time interval between when you pulled your scores here and when the mortgage lender pulled them? There can be some startling changes in scores even within a 24-hour period.

The other possibility to consider is that each CRA periodically updates their scoring formula. The EQ and EX scores that you get here are the current version. TU has a new version of its formula that is starting to be used. If only the TU was different, they might be using this version. As soon as the new TU formula is used by 50% or more of lenders, it will be changed here.

If you haven't already, please read Credit Scoring 101. This is an amazingly complex subject, and it's a good idea to get some background information:

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

[llecs]

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llecs wrote:

The formula used by your lender is slightly different and tends to be weighted towards the mortgage industry. It puts more emphasis on your mortgage history. The same goes for the auto industry as well.

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I withdraw my statement until I can get more info. Thanks for the update.

[Junejer]

Thanks for the back-up on this one Hauling. I had to run out to a couple of appointments and we are having a major blizzard (expect 18-20 inches) auuugghh! Takes awhile to move around in this stuff, even in a 4X4.