Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
Re: FORGET fico score NOT used by Mtg Lenders
[ Edited ]

All the FAKOs and FICOs are a bit confusing becuase soo many can be purchased and every lender uses something different.

 

 

I would like to add that I think waaaayyy tooo much emphasis is focused on the actual numerical 3 digit number itslef.

 

 

If your prospective mortgage lender claims you have a lower than expected FICO score, couldn't you recon?  Couldn't you say to them to look at your CR history?

 

 

"I got 25 years of CR history, an AAoA of 12.5 yrs, I have never been late, I don't have any collections, CO, or negatives, I have a good CLs and proven myself with a great credit mix  and the abliity to pay off loans earlier than the term of the loans.  I think you should give me a better rate becuase I am A paper based on my CR and not some arbitray numerical scoring model."

 

That might be something you'd say.

 

There seems to be way to much credit given to a FICO score. 

 

 

ETA:  We see this all the time on here.  Where ppl post a thread saying something like "I need 3 more points added to my FICO before I close, what should I do?"   Way too much emphasis on the number, IMO.