Re: Lenders see different scores than consumers do
04-02-2012 09:15 AM
I paid for two myFICO scores from the myFICO website last week, one Experian and the other Transunion. They were 730 and 704 respectively. I printed them up and
took them to a mortgage lender, along with other documents, knowing that they would also pull their own score. The lender pulled scores within an hour later: 675!!!!! - and disappointingly, I was told to "sit tight for a while longer" and get "a longer paid on time history" - though mine is four years since any late payment. I was told that I wouldn't want to pay the high interest on a loan (that the bank wasn't actually even offering, based on that 675 score....)
How can the scores that consumers pull be so "off"? What a waste of money!!!! I feel completely misled by what appeared as the expensive myFICO scores.
I am outraged at the SECRECY and CONFUSION surrounding this jumble of differing formulas and calculations. The same information appears in each of the three
reporting agencies on me, as I have spent years honing it to be accurate, yet the scores vary wildly. What a crock!
myFICO does not sell an Experian score. Do you mean Equifax?
When you apply for a mortgage, they usually pull all 3 FICO scores. Did you get all three?
If you applied for a mortage, they almost certainly used the same EQ score sold here. They would have used one version newer on TU. They would have also pulled an EX score. Ask for the report and look at all three scores. Your EQ should match exactly. Look through the reports and check for differences so that you can figure out what the scores mean.
Sometimes a mortgage pre-qualify can use non-FICO scores. That is possible but very unlikely. If they do, then you normally still have to qualify based on FICO scores for virtually all normal mortgages.