Valued Contributor
p-
Posts: 2,539
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.

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

okp
New Member
okp
Posts: 4
Registered: ‎04-02-2012
Re: Lenders see different scores than consumers do
The lender had 3 scores, none of them matching scores that I had
PAID FOR as being the true FICO scores (2 of the 3) that "lenders see." I was pretty horrified to pull up scores as high as 730 and apply to 3 different
lenders wirh xonfidence, only
to be totally de lines
by 2 of hwm (i had only 5-7% to pay as
down pay't) and the
third was going to
xharge
super
high interest. Each of the 3 morgage lenders had mesian
scores for
me of 659 to 669, wildly different
than my advertised "true FICO" scores. i gave up on trying
for a
mortgage and
with paying big
money
for
scores every few
days. Too
stressful.
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
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.


The score from Experian isn't a FICO score. It's a FAKO, either a PLUS or Vantage depending on how it was pulled, and mortgage lenders don't use it. Unfortunately as of 3-4 years ago, Experian blocked consumer access to your own EX FICO, though lenders can still get it for you. There are some CUs out there that offer it as well.

Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
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.


In addition to the previous post (Experian's scores are FAKO's), auto dealers pull what is called an auto enhanced score.  It more strongly calculates previous auto loans in its formula.  If you have any negative information from auto loans on your credit, you will get dinged harder for them on an auto enhanced score than on the FICO's offered here.


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


Take the FICO Fitness Challenge ~ In the garden until June 2013!
Established Member
pinkbetty
Posts: 25
Registered: ‎07-16-2012
Re: Lenders see different scores than consumers do

Correction, this was Relscredit, and it was with Wells Fargo. After a little bit of research, it appears that Wells Fargo uses their own credit scoring system and not FICO. Seems like a scam to pull lower scores and charge people more money. Please correct me if I'm wrong on this.

 

 

Relscredit is just a  service that pulls the info from the CRAS and puts  together the trimerge report for them, they do not do any calculating or scoring of any kind.

Wells Fargo uses the same standard FICO scores the rest of the mortgage industry does....looking at the trimerge pulled on me in April, EFX Beacon 5.0,  Experian FICO-II, and TransUnion Fico Classic 04  (the mortgage guy I spoke to on the phone was kind enough to send it to me by mail afterwards).

Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
Re: Lenders see different scores than consumers do
[ Edited ]

pinkbetty wrote:

Correction, this was Relscredit, and it was with Wells Fargo. After a little bit of research, it appears that Wells Fargo uses their own credit scoring system and not FICO. Seems like a scam to pull lower scores and charge people more money. Please correct me if I'm wrong on this.

 

 

Relscredit is just a  service that pulls the info from the CRAS and puts  together the trimerge report for them, they do not do any calculating or scoring of any kind.

Wells Fargo uses the same standard FICO scores the rest of the mortgage industry does....looking at the trimerge pulled on me in April, EFX Beacon 5.0,  Experian FICO-II, and TransUnion Fico Classic 04  (the mortgage guy I spoke to on the phone was kind enough to send it to me by mail afterwards).


Those are the 3 FICO 04 scores used on a normal mortgage.

 

- Equifax Beacon 5.0 although sometimes Equifax is abbreviated EQ and sometimes EFX. This is the score you get here.

 

- Transunion FICO Classic 04. This is one major version later than the TU FICO Classic 98 you get here.

 

- Experian Fair Issac II, sometime called FICO-II or FICO-2. This was the version you could get here before Experian made it unavailable.

 

kimfl,

If Relscredit just prepared a tri-merge report as indicated by pinkbetty, then the difference is score has to be that they just told you your MIDDLE score. That would mean your EQ FICO would have been 636 but the other two must have negatives because they would both need to be quite a bit lower. One of them is 590 and the other has to be your lowest. You need to see the actual report.

 

This is getting pretty confusing with people bringing up an old post and then adding questions at the end that don't relate to the original post.

Established Member
MannyG
Posts: 25
Registered: ‎11-23-2011
Re: Lenders see different scores than consumers do

Youre right, I was approved for a auto loan and they said my score was 709, yet this website said my score was 677.. At this point I don't trust any website, not even this one.

And yes  the lender used equifax


Starting Score: 677
Current Score: 704
Goal Score: 725


Take the FICO Fitness Challenge
Valued Member
AVeryHappyDad
Posts: 38
Registered: ‎07-23-2012
Re: Lenders see different scores than consumers do

YMMV, but my lender pulled scores actually came in significantly higher than what any of the websites show.  Surprisingly, a lender pull (mortgage) was the first time I knew things were going in the right direction.  Also, it was Wells Fargo.

New Member
Cybernotbob
Posts: 2
Registered: ‎08-08-2012
Re: Lenders see different scores than consumers do

Hello all,

 

I had pulled my EQ myfico report (EQ683), and applied for a discover card that day. Thinking I would get the card, or at least I had a chance of getting it. I got a rejection letter stating they used fico, and my score was 601. They claim they used EQ.... any ideas on why the scores are so different?

 

Thx

Established Member
Kwao
Posts: 21
Registered: ‎08-25-2012
Re: Lenders see different scores than consumers do

Wow, this is a very eye opening thread. I had been excited recently when I checked my credit reports and scores. Last year around this time I didn't have a credit score at all. Now, I do and I was happy to see that they looked relatively good. Rethinking it now.

 

My Equifax score is said to be 725 on this site. That's up from 709 as of about 3 days ago which is what it was when I initially checked it on the 11th of this month(August).

 

My TU score from transunion's site was said to be 734 on the 2nd of this month(August).

 

And my Experian score through annualcreditreport.com to experiandirect.com on the 11th of this month(August) was said to be a Vantage score of 673.

 

In reading this site, I saw someone mention a site by the name of creditkarma.com so I went and signed up with them just now and the Vantage score they gave me is 736 which is a huge jump(63 points) from what I got back on the 11th through annualcreditreport.com to experiandirect.com.

 

So then I went straight to experian's site(experian.com) and in signing up to see your credit score, it takes you to experiandirect.com and just now I got what they called both a "Plus Score" as well as an "Experian Score" of 717.

 

I felt good about it until I read this thread. :smileyvery-happy:

 

Will continue to work on building up my credit as much as I can.