Valued Contributor
Posts: 2,759
Registered: ‎06-05-2008
Re: Lenders see different scores than consumers do

beckolson wrote:

Ok, I pulled my credit score today and it was through experian. It was a 626, I have been waiting to get approved for a loan so I figured I would inquire to see if I can get financing. The lender told me my score was a 502!!! 124 points different that is crazy. I asked why it was so different then when I pulled it a couple hours earlier of coarse he said the same thing about lenders seeing a different score then consumers. He said he had never seen this big of a difference before. Does anyone know why my score was 124 points different with the lender???? I understand I have work to do on my credit. I will be coming into some money in a few day and am planning on paying off the negative things on my credit. Also my paying on some of my credit cards to get the balance only around 30%.  I am hoping by doing this that in 6 months my score will be high enough to apply for a mortgage. I just don't know how I will be able to tell since the lender is seeing 124 points differet then what I saw.

Was the lender, by chance, a small used car dealer on the wrong side of the tracks?  I would ask him which CB he pulled from and what scoring model was used.   Also, ask to see the report if he will let you.  And read up on the sticky's here like "understanding credit scoring".  That will help.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL