Re: Trying to understand Fico scoring
10-05-2010 06:35 AM
I'm sure the scores the mortgage lender pulled are FICOs. That is based upon the fact that they all seem to use a FICO score from all three Credit Bureaus.
We don't know what the scores are after that. I'm suspecting that some of them are not FICOs since you haven't said where they came from and there are few places to get an actual FICO. Some of the FAKOs are way off - high or low.
If you pulled a EQ FICO from myFICO.com then that would be the same as the one the lender pulled. They would both be EQ FICO scores. If you pulled a TU FICO from myFICO.com then they would be slightly different since most mortgage lenders are using TU04 and and myFICO uses TU98. You can't pull an EX FICO so you can't get a score that is the same as what your lender provided.
EX FICO is available to lenders but not to consumers. EX is promoting their Plus Score but my understanding is that lenders don't use it at all.
It is important to understand that "credit score" doesn't mean much unless you know what score. You can't compare apples to oranges even though they are each good in some way. Trying to understand scoring is difficult and the variety of different scores just makes it harder.
The path you are on will definitely increase your scores. Length is helping, mortgage is probably helping by now. The lates are getting older but probably still hurt. I believe you need another major credit card to help - others would know better.