topic Re: Question in Understanding FICO® Scoring

Question

Anonymous — Fri, 07 Nov 2014 13:25:58 GMT

I recieved a Cr from Trans Union yesterdayand all of scores are above 600. however when I looked at my fico this morning and they are below 600. There is a 45 point differance with all three bureas. Is this because FICO hasn't recieved the up-date yet?

Re: Question

Anonymous — Fri, 07 Nov 2014 14:51:38 GMT

When will FICO up-date the positive recent updats from Trans Union? The reason i ask is because I would like to apply for a mortgage in Feb 2015 but my score needs to be at 620-640.

Thanks,

Re: Question

CreditDunce — Fri, 07 Nov 2014 15:31:06 GMT

Neither Transunion nor MyFico are a good indication of where you are at for a mortgage app. In the case of TU, the score is FAKO. If you spent any money, it was wasted. In the case of MyFico, the score was a FICO 08 score. Mortgages use FICO 04/98 scores. FICO 08 scores are used more for credit card apps and other loans.

You can buy a Equifax 04 score from Equifax. Just make sure that you get the one that says FICO. They also sell FAKO scores.

I know that the EQ-04 is only one of the scores you would like to have. However, I don't know of another way for you to get the other two scores without a HP. Most mortgage lenders will use your middle score number.

My recommendation would be to peruse the rebuilding forum to see how you can repair your credit before applying for a mortgage.

Re: Question

Anonymous — Fri, 07 Nov 2014 19:47:42 GMT

Tried finding the Equifax 04 Fico Report. No Luck

Re: Question

CreditDunce — Sat, 08 Nov 2014 00:15:03 GMT

A quick google search returned this link:

http://www.equifax.com/credit-score/

It looks like the right one to me, but I have never purchased a score.

EDIT:

Looking past the first google result, I also found these links:

http://www.equifax.com/3in1-credit-report-score/

http://www.equifax.com/web-myfico-products/

I believe the Score Power FICO score is EQ-04. The 3in1 may also be a EQ-04 score, but I don't know. I would go with the cheapest. If you haven't already, pull your free annual credit reports to work on any baddies. You don't need to pay for the credit report as long as you have the freebie still.