okp
New Member
okp
Posts: 4
Registered: ‎04-02-2012
Re: Lenders see different scores than consumers do

Thank you, Greg, for your several responses. It has helped assuage my frustration. The lender that I spoke of is with a Texas bank, which, one would think, would

fit the "normal lender" description. 

 

I always pull scores from the myFICO website. Suze Orman, among others, has long advised consumers to pull only a true FICO.

 

Anyway, I have asked the lender to see what he pulled. He was secretive and somewhat condescending about the consumer vs. lender credit profile. I will be surprised if he is willing to turn over the score profile he obtained.

 

I currently have only have 5% to put down on a $350K (ish) home, obviouslymore on

a lesser home (trying to stay in a more expensive neighborhood with outstanding schools). But I earn over $110K a year. My AGI on the 2011 taxes was over $140K, with $10K child support on top of that. When he pulled the 675 score, supposedly, he said the bank simply could not fund me with that kind of score...My credit scores in the past year have been over 750, but recently dropped because of

one high balance on a MasterCard. I pointed out to him that I have a second MC and a VISA, but both have been paid off for 6 months. As a single parent, I like using

only the one card. The high balance on the credit card is due to the fact that as a single parent, I just paid all college expenses for a new semester for one of my kids.  I like the convenience of using only one card, but knew that, unfortunately, the one card DRIVES my credit score. I do know that it's wiser to have each of 3 cards with under 30% balance, but wanted to apply for the loan while I have a window of opportunity (all of my actual work is done out of state, so I am not home much of the year).

 

Thanks for taking the time to share your knowledge.