Valued Contributor
Posts: 2,721
Registered: ‎06-05-2008
Re: FORGET fico score NOT used by Mtg Lenders

anderson2624 wrote: (a lot)


I have a couple of comments I'd like to add to the community's response.


1.  If you hold Ctrl and press + or - your browser will zoom in and out.  That's how most people get text to a comfortable size on the internet.


2.  General forum etiquette is to not go colorful and multi-sized on your fonts.  Instead of emphasizing your point, it makes people not want to read it.  If you are new to forum posting this may be news to you, and is not meant to be insulting.  That's just how it is.  A post in the style you used is considered rude and inflammatory, and the community response will be colored by that fact.


3.  It is clear from your post that you need to read "Credit Scoring 101".  This will help clear some of the misconceptions and let you understand what is happening here.


4.  Most scores you buy, even those from the Credit Bureaus are not FICO scores.  This means they are a completely different scoring algorithm, i.e.. Everything is weighted differently, and the range of values is different as well.  If you got your scores from them, they are definitely not FICO scores.  A different algorithm means a different result.  Most of us here think this is a rip-off, and believe that consumers are intentionally misled into buying scores that don't matter.  


5.  If you go today and buy a FICO score here, you can only get one for TU and EQ.  They do not sell the FICO EX here, but there are a couple of places to find it.  Read the boards here to find out.


6.  Your comment that banks take in more loan applications than they have money to lend is completely baseless.  The bank that took your app doesn't get rich on application fees, in fact many lenders don't have those fees at all.  And they typically don't fund the loans themselves anyway.  If you pass the approval process, your loan is funded by someone else.  There is plenty of loan money available out there, if you qualify.


7.  Honest car dealers often use an Auto-Enhanced score. Which IS different.  Most people here will tell you to use a credit union instead.  Dishonest car dealers will tell you that you have bad credit even if you don't, in order to jack up your rate.  Buyer beware.  This is way different from the mortgage market.


8.  Tags like "Valued Contributor" are achieved through time and number of posts on the forum, a common thing among boards of all types.


9.  You mentioned that several banks gave you a score 50 points lower than you thought it was.  There's the proof.  All of these banks used the same scoring algorithm, likely the FICO score.  Your score was almost definitely an alternate algorithm, like Plus or Risk, or Vantage.  Sorry to hear you got duped, but the fault is not with your bank; it is with the deceptive practices of the score sellers.  


10.  There is no conspiracy...  They're not out to get you.  But the deck is stacked heavily against the consumer.  It's like blackjack - the house has an edge.  And reading here is like learning to count cards.  Educate yourself, and you'll be the one with the edge.  Instead of being a victim of your credit report, be the master of it.  And listen to what the people here are saying.  Their experience has value and can help you.




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