topic Re: Lender pull 50 points higher than FICO score in Understanding FICO® Scoring

Lender pull 50 points higher than FICO score

Anonymous — Wed, 04 Jun 2014 21:49:20 GMT

I had my scores pulled to get approved for a mortgage. MyFICO says my equifax score was 632, but when I lender pulled it the same day, he pulled a 682! It was the Beacon 5.0 model. What gives? Why such a big gap? I'm not complaining, but I pay monthly for MyFICO and just want to be sure I understand what the difference was. Nothing has changed on my reports in the past two weeks and I checked here before having my lender pull. Thanks in advance.

Re: Lender pull 50 points higher than FICO score

Anonymous — Thu, 05 Jun 2014 11:53:56 GMT

Lender - EQ 04

MyFico - EQ 08

Differences explained here:

http://www.myfico.com/crediteducation/questions/fico8.aspx

Re: Lender pull 50 points higher than FICO score

Revelate — Thu, 05 Jun 2014 19:21:13 GMT

@Anonymous wrote:
I had my scores pulled to get approved for a mortgage. MyFICO says my equifax score was 632, but when I lender pulled it the same day, he pulled a 682! It was the Beacon 5.0 model. What gives? Why such a big gap? I'm not complaining, but I pay monthly for MyFICO and just want to be sure I understand what the difference was. Nothing has changed on my reports in the past two weeks and I checked here before having my lender pull. Thanks in advance.

Do you have revolving accounts?

To date that's been the only substantial score difference such as you describe between Beacon 9.0 and 5.0: namely to the tune of 50 points lower on the FICO 8 score if there aren't any revolving accounts.

user5387 is correct in stating it's not the same algorithm, congrats on the 682 score pull though!

Re: Lender pull 50 points higher than FICO score

Anonymous — Fri, 06 Jun 2014 12:40:11 GMT

Thanks for the explaination guys!