topic Re: Mortgage broker says not to cound on FICO score in Mortgage Loans

Mortgage broker says not to count on FICO score

Anonymous — Wed, 16 Jan 2013 20:42:04 GMT

I've told our lender my "MyFICO" scores are TU 686 and EQ 644 and obviously no idea what Experian FICO is. He continues to warn me that usually the score that they pull is lower than what we pull. I'm concerned that if what he says is correct that what is most likely the middle score (644) on here won't be high enough and we'll lose our chance at a home. Any thoughts? Is the score the lender pulls going to be lower than on here? What are your experiences?

Re: Mortgage broker says not to cound on FICO score

JWatson0405 — Wed, 16 Jan 2013 19:34:21 GMT

@Anonymous wrote:
I've told our lender my "MyFICO" scores are TU 686 and EQ 644 and obviously no idea what Experian FICO is. He continues to warn me that usually the score that they pull is lower than what we pull. I'm concerned that if what he says is correct that what is most likely the middle score (644) on here won't be high enough and we'll lose our chance at a home. Any thoughts? Is the score the lender pulls going to be lower than on here? What are your experiences?

Obviously your experience may vary - but your lender may also be referring to what many people consider a FICO, that is actually a FAKO. Here on myfico.com you get a true FICO score, as opposed to many other credit monitoring services that offer some variation of their scoring methods. It's not guarantee, but typically, the score you find here should be close to any other true FICO score.

Re: Mortgage broker says not to cound on FICO score

tooleman694 — Wed, 16 Jan 2013 19:40:01 GMT

My TU score here is about 20 points lower then what my lender got.

Re: Mortgage broker says not to cound on FICO score

Anonymous — Wed, 16 Jan 2013 19:41:04 GMT

When I got my preapproval scores from my lender, my EQ fico matched EXACTLY, 703 & 703, and that is my middle score. Now as for the TU score on this site, it is TU08 and most lenders use TU04. My TU score pulled by my lender was 718, 16 pts HIGHER than what is provided by this site so I have to disagree with your broker.

Re: Mortgage broker says not to cound on FICO score

GregB — Wed, 16 Jan 2013 22:25:41 GMT

@Anonymous wrote:
When I got my preapproval scores from my lender, my EQ fico matched EXACTLY, 703 & 703, and that is my middle score. Now as for the TU score on this site, it is TU08 and most lenders use TU04. My TU score pulled by my lender was 718, 16 pts HIGHER than what is provided by this site so I have to disagree with your broker.

This is pretty close to correct.

The EQ FICO on here is Beacon v5.0 and will match a normal mortgage app exactly.

The TU FICO on here is Classic 98 and the score used for a normal mortgage app is Classic 04. FICO 8, the equivalent of the Classic version but no longer called that, is the newest version and is more common on Auto & CC applications.

Re: Mortgage broker says not to count on FICO score

jadeite788 — Wed, 16 Jan 2013 22:42:26 GMT

@Anonymous wrote:
I've told our lender my "MyFICO" scores are TU 686 and EQ 644 and obviously no idea what Experian FICO is. He continues to warn me that usually the score that they pull is lower than what we pull. I'm concerned that if what he says is correct that what is most likely the middle score (644) on here won't be high enough and we'll lose our chance at a home. Any thoughts? Is the score the lender pulls going to be lower than on here? What are your experiences?

I pulled my FAKO from Experian and got a 596 but the lender pull was 634 from my credit union, it depends I guess.

Re: Mortgage broker says not to count on FICO score

Anonymous — Thu, 17 Jan 2013 01:58:26 GMT

FAKO scores are fake. They don't mean anything. Don't waste your money.

Re: Mortgage broker says not to count on FICO score

tooleman694 — Thu, 17 Jan 2013 02:20:34 GMT

My EQ Fako is in the low 500s, my real EQ Fico is almost 700.

Re: Mortgage broker says not to count on FICO score

beb86 — Thu, 17 Jan 2013 06:57:46 GMT

Yeah with a Mortgage loan there are many more factors than just a FICO...I.E..DTI, Salary, time at employment/field of study, reserves...etc

Re: Mortgage broker says not to count on FICO score

nvrgiveup08 — Thu, 17 Jan 2013 16:34:06 GMT

My scores were NOT the same and I actually purchased the scores the same day I applied.

Re: Mortgage broker says not to count on FICO score

Anonymous — Thu, 17 Jan 2013 16:43:45 GMT

The only score on MYFICO you can consider to be the same or very little difference would be the equifax beacon score as most have told you already.

This is based on pulling both reports at the same time. Your scores can fluctuate consistently from 1 minute to the next.

Re: Mortgage broker says not to count on FICO score

Education44 — Thu, 17 Jan 2013 19:01:22 GMT

I just went through the pre-approval process and my Equifax score was the same as the one pulled by the lender and my Transunion was 6 points higher on the lender pull. My Experian fako score was 30 points lower on the lender pull. Experian is pretty useless.

Re: Mortgage broker says not to count on FICO score

Anonymous — Thu, 17 Jan 2013 19:35:41 GMT

+1, yeah Experian sucks! The scores my lender pulled were 718, 703, and 639. And guess who was the lowest...Experian.

Re: Mortgage broker says not to count on FICO score

jandj80 — Fri, 18 Jan 2013 02:59:50 GMT

Same week pulls- TU MyFico 594- TU04 (lender) 619- TU08 Walmart 634. I apped for Walmart card on 11/18- and got the 634. Next day the lender pull was at 619, so I pulled on here and got a 594. From what I can tell, old baddies have a lesser impact on newer models, and high util has a greater effect. Best of luck.