topic Don't trust your FICO scores here in General Credit Topics

Don't trust your FICO scores here

Anonymous — Thu, 06 Mar 2008 21:53:53 GMT

Until you have your lender pull their scores (of you), you don't know what the heck is gonna happen. This is exactly what happened to me-I pulled all three scores and got EQ 788 EX 784 and TU 664 because TU had some adverse accounts reported that I was not aware of. They were medical bills that I never got so I called the collection agency and paid them immediately. I went to one local bank and they called me back and said all three of my scores were in the mid 600's. I was almost devistated because I knew it was unfair that I never received these adverse accounts which were reported. I went to a second credit union and he pulled my scores while I sat there and came up with all three scores being 784, 788 and 765. Go figure. Not only that but on myfico.com it shows me a TU score of 664 but he got 765. Oh well....guess which lender I'm using. At least it came out good in the end but it proves that you never know what a lender will get when they run your scores.

Message Edited by Jonbenet692000 on 03-06-2008 01:53 PM

Re: Don't trust your FICO scores here

Anonymous — Thu, 06 Mar 2008 21:59:03 GMT

Lenders pull a different version of FICO scores. They will never get exactly the same score that you get here.

Re: Don't trust your FICO scores here

Anonymous — Thu, 06 Mar 2008 22:03:43 GMT

what does that mean? I thought the scores pulled here were the ones that 90% of lenders see.

Re: Don't trust your FICO scores here

Anonymous — Thu, 06 Mar 2008 22:07:54 GMT

There are different flavors of FICO scores. You get plain vanilla here, and that's all you can get. There are some scoring models that are used for credit card approvals. There is an "auto-enhanced" FICO score that auto lenders use which weighs your past use of auto credit more heavily than the plain FICO version does.

The 90% claim means that that lenders don't use non-FICO scores like the FAKOs, VantageScore, etc.

Re: Don't trust your FICO scores here

marty56 — Thu, 06 Mar 2008 22:08:42 GMT

I am curious about that too

As a side note, I would make the lender show me the credit report. I would look to see if its the same information that I have here, minus the credit score.

Re: Don't trust your FICO scores here

ngerasimatos — Thu, 06 Mar 2008 22:45:40 GMT

You should ask them who they pull the report from. I beleive it your right to know, yes?

Re: Don't trust your FICO scores here

Anonymous — Thu, 06 Mar 2008 22:49:50 GMT

If you have been denied credit (i.e., they have taken "adverse action" against you), by law the creditor must provide the name and address of the CRA that provided them with the report that they used in their decision to deny you so that you can get a free copy from the CRA.

That doesn't necessarily mean the creditor has to hand over the actual report that they looked at, but I think it's worth asking.

Re: Don't trust your FICO scores here

Anonymous — Thu, 06 Mar 2008 23:39:26 GMT

For a mortgage (don't know about others but probably the same) - a lender cannot show you the reprot they are REQUIRED to provide you with your scores though (i think within 3 days of application might be 5).

Re: Don't trust your FICO scores here

TULO30 — Thu, 06 Mar 2008 23:52:26 GMT

I understand your point. But, generally speaking the scores here are a good gauge to help you measure credit worthiness. Although it can be a little frustrating that the scores can change with various lenders depending on the type of FICO model they use, the scores you get here can be helpful in other ways.

Re: Don't trust your FICO scores here

MidnightVoice — Thu, 06 Mar 2008 23:54:01 GMT

The scores my mortgage and car lenders pulled were pretty close to the MyFICO scores

Re: Don't trust your FICO scores here

Anonymous — Fri, 07 Mar 2008 00:53:31 GMT

My mortgage broker just emailed me a copy of my credit report that was used. My scores are within 2-3 points from my TU and EQ fico scores I pulled here on the same day. EX didn't produce a report, since it has plastered the fact that "there is a HIGH probability this social security number does not belong to this person" on the fraud safe scan.

The TU has Empirica, EQ has Beacon 5, and EX on DH's report shows Fair Isaac. They are all still based on Fico scores as the type, only the brand listed is different. They are still very close in number.

Re: Don't trust your FICO scores here

Anonymous — Fri, 07 Mar 2008 04:53:19 GMT

My mortgage lender pulled my credit reports up right in front of me AND showed them to me on his monitor. Maybe it was because there was nothing bad on them....

Re: Don't trust your FICO scores here

Anonymous — Fri, 07 Mar 2008 04:54:50 GMT

I had my mortgage guy pull mine and it was right on the dot. He was shocked that i told him what my scores where going to be.

Re: Don't trust your FICO scores here

Anonymous — Fri, 07 Mar 2008 05:34:27 GMT

Jonbenet692000 wrote:
My mortgage lender pulled my credit reports up right in front of me AND showed them to me on his monitor. Maybe it was because there was nothing bad on them....

And both sets of scores were that far off? I would certainly go with the second lender if that is the case.