topic MyFico and Equifax Beacon 5 in Rebuilding Your Credit

MyFico and Equifax Beacon 5

Anonymous — Tue, 17 May 2011 13:07:01 GMT

My FICO from Equifax is higher than the one here on MyFico. My bank pulled for a CLI. Which one would any lenders see when pulling my credit for a home loan?

Thanks

Re: MyFico and Equifax Beacon 5

llecs — Tue, 17 May 2011 13:48:43 GMT

Aside from your EQ pull from here, did you get your other EQ score from Equifax.com or another source like your lender?

The score via here is a Beacon 5.0 EQ FICO score (same one virtually all the lenders use). If you pulled your other from Equifax.com, then that isn't a FICO score. They sell their own score (a FAKO called "Equifax Credit Score"). If you got it from your lender for a CLI then there could be a couple of things happening:

--Some lenders will use a Bankcard-enhanced FICO score for their CC apps or CLI requests (if they pull your credit). This score isn't the same as the one on here and weighs your past CC experience as consideration for your score.

--If your lender did indeed pull a Beacon 5.0, then check the date of your reports. Your score can change daily. Also, check to see if they used a current report or a past report. Some lenders will avoid pulling a new report if they have a recent one on file.

If you applied for a mortgage, your lender will pull all 3 FICO scores and use the mid-score as a basis. The EQ score on here would highly likely match if pulled the same day. Your TU may or may not match. Some lenders use the TU FICO as found on here and some use a newer version. And of course we cannot buy our EX FICO from anywhere, but it would [very likely] match the same one offered for free each month via PSECU.

Re: MyFico and Equifax Beacon 5

Anonymous — Tue, 17 May 2011 18:08:58 GMT

Same day pull. My bank said it was my Beacon score. The now have to tell consumers their score and the rates associated with the scores. So the question now would be does my bank use a different version of Beacon that may not be Beacon 5. I have had a lender pull my credit twice over the last two years and my TU and EQ have always been very close few point to matching. The last one as recent as February. On here there is a 37 point difference. But comparint the EQ from my CU and myFico TU they are again within a few points of each other. Thoughts?

Re: MyFico and Equifax Beacon 5

llecs — Tue, 17 May 2011 20:18:16 GMT

I'd ask them which version of Beacon they are using. Not to confuse anything, but there's Beacon 1.0 (?...something came before 5.0), 5.0, 9.0...then there are the non-classic scores like bankcard-enhanced, auto-enhanced, mortgage-enhanced, and others. Hard telling. The EQ score here is a Beacon 5.0 and hasn't changed since, though it would be great if myFICO offered all of the scores. I'd buy them. Now I enjoy a good mystery. If I was in the situation, I'd ask them to show me the docs that show a EQ FICO version.

Also, you'd really have to press for more info sometimes. The bank CSRs and manager-types don't always know. For example, I was inside a PNC branch over the weekend inquiring about which FICO scores they use for mortgage lending. The branch manager and a teller said this to me: "They will pull all 3 FICO scores. They will use the highest one as consideration and if the highest one was TransUnion, then they'll add 20 points to it because TransUnion scores a bit low". No joke! I tried my best to keep a straight face. I then got in touch with one of their mortgage guys and asked the same and his answer was more reasonable in that they'll pull all three and use the mid-score. Now when press for the FICO version, he had no idea. And he didn't because they'll outsource the tri-merge report and so they don't study it like you'd think they would.

Re: MyFico and Equifax Beacon 5

Anonymous — Tue, 17 May 2011 23:31:44 GMT

Called my CU and they said that was my Beacon 5 score from Cornerstone services. So the mystery goes on. I will re-pull here in a couple weeks.

Re: MyFico and Equifax Beacon 5

MarineVietVet — Wed, 18 May 2011 02:47:06 GMT

Is it possible that this particular lender pulls EQ Beacon 9.0? It's just a thought.

ETA: OOPPSS!! I posted this before I saw the part about the CU saying it was 5.0. Never mnd!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".