New Member
anderson2624
Posts: 9
Registered: ‎11-09-2012
My fico score low of 763 but lender says 713 How dat possible
[ Edited ]

 

Seem quite ODD. 

 

Merryl Lynch is potential lender.  Does anyone understand how a lender can manupulate the score.  Certainly with a low score they can charge a higher rate and even more fees.

 

PLEASE someone EXPLAIN.

 

Any laws out there to protect us?

Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012
Re: My fico score low of 763 but lender says 713 How dat possible

anderson2624 wrote:

 

Seem quite ODD. 

 

Merryl Lynch is potential lender.  Does anyone understand how a lender can manupulate the score.  Certainly with a low score they can charge a higher rate and even more fees.

 

PLEASE someone EXPLAIN.

 

Any laws out there to protect us?


I don't think there's much of a difference between a 763 and 713 when it comes to rates... but that is odd unless they are using their own inhouse score

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

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beb86
Posts: 1,115
Registered: ‎10-31-2011
Re: My fico score low of 763 but lender says 713 How dat possible
Myfico uses the TU98 model where as most lenders use the TU04 so even though the are both FICOs the are different models which can cause a variance. And what would you want the law to be?
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courtney091082
Posts: 244
Registered: ‎07-06-2007
Re: My fico score low of 763 but lender says 713 How dat possible

beb86 wrote:
Myfico uses the TU98 model where as most lenders use the TU04 so even though the are both FICOs the are different models which can cause a variance. And what would you want the law to be?

+1 ^^^exactly

9/1/2012 ...DRUMROLL .... EQ .. 776!!

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llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: My fico score low of 763 but lender says 713 How dat possible