topic Re: What a crock in Rebuilding Your Credit

What a crock

Sbrooks1 — Tue, 07 Jun 2016 02:42:04 GMT

Guys I have followed and believed in this forum, but proof is a lender pull was way off from current scores on My Fico,I am furious and would like my two yrs if 29.95a month back

Re: What a crock

Anonymous — Tue, 07 Jun 2016 02:55:19 GMT

Can't compare apples and oranges ...what scoring model was he using ? They many types of fico scores if you look at the stickies up top they will explain them

Re: What a crock

Sbrooks1 — Tue, 07 Jun 2016 03:15:27 GMT

Really? So still to think that my mortgage or auto scores here were accurate is not true, please share that to those of us that paid monthly thinking we were getting accurate scores!

Re: What a crock

Sbrooks1 — Tue, 07 Jun 2016 03:16:17 GMT

Btw said auto score ! Please read my post before responding

Re: What a crock

Anonymous — Tue, 07 Jun 2016 03:29:53 GMT

@Sbrooks1 wrote:
Guys I have followed and believed in this forum, but proof is a lender pull was way off from current scores on My Fico,I am furious and would like my two yrs if 29.95a month back

First, you never mentioned auto scores. Second, you do need to know exactly what CRA was pulled and what version of score is being used. There are several different auto scores, and they may not even be using FICO scoring. I'm sorry that you didn't get the auto loan you were looking for, but looking for the reason for your low score is much more productive than being upset with a message board which has no control over your score at all.

Re: What a crock

Kirmie2010 — Tue, 07 Jun 2016 03:36:09 GMT

Good lord man, read what you are buying!

I jus tdid a quick 30 second check and I did find, clearly worded,

Financing a new car? You’ll likely want to know your FICO® Auto Scores, the industry specific scores used in the majority of auto financing-related credit evaluations.

Applying for a credit card? You’ll likely want to know your FICO® Bankcard Scores or FICO® Score 8, the score versions used by many credit card issuers.

Purchasing a home or refinancing an existing mortgage? You’ll want to know the base FICO® Score versions previous to FICO® Score 8, as these are the scores used in the majority of mortgage-related credit evaluations.

That word "Majority" covers them from exactly what you are describing. Gotta read what you are buying closer next time! Sorry.

*edit*

Just to be more clear, the only way your auto score on myfico and anywhere else will match, is if they are pulled and the credit reports match exactly and they are both using the same scoring model version. Using FICO doesnt mean its the FICO you read, theres many FICO versions. (6, 8, 9 and whatnot, its the same with auto scores, vantage and just about any)

and again, they said Majority. Its like how commercials are these days, they promise the world but if you listen to the wording, they are actually saying you could have the world, not we promise it.

Re: What a crock

Anonymous — Tue, 07 Jun 2016 03:40:49 GMT

In my experience, it is very difficult to determine what scoring model they will use when app'ing for a car loan. It's like tossing a coin. You never know. I'm sorry for what happened. Did you ask them what they pulled? They normaly send it out to a few different companies if they think they can't get it through theirs. I wouldn't give up.

Re: What a crock

dave36021 — Tue, 07 Jun 2016 03:58:24 GMT

You will never be guaranteed that the scores will match a Lender compared to what is on myFico there are just to many models that any lender can use or they can use there OWN scoreing method that you will never be able to know what the score wil be. When I was shopping fpr a Auto loan last year my scores were all over the place from the different lenders with a difference in range of almost 150 points.

Re: What a crock

Anonymous — Tue, 07 Jun 2016 03:59:20 GMT

Back in April I applied and was denied for an auto loan through capital one. The letter that they sent me in the mail said that my score was a 626. I logged into CCT that same day and my EX FICO 8 was a 626 as well. I'm not certain but I believe that capital one uses fico 8 because of this.

From reading posts on here I believe that myfico won't update your score unless there's activity on your credit file or its time for your quarterly pull.

Re: What a crock

pakprotector — Tue, 07 Jun 2016 20:10:00 GMT

Or you buy the latest report - that will also update your score.

BLH

Re: What a crock

RonM21 — Tue, 07 Jun 2016 20:50:40 GMT

Unfortunately, no guarantee the scores will be the same. A lot of lenders use their own scoring system. Did you ask what model they used? And if it was the same, was it pulled near the same time yours was?

Re: What a crock

Anonymous — Tue, 07 Jun 2016 21:39:22 GMT

@Sbrooks1 wrote:
Really? So still to think that my mortgage or auto scores here were accurate is not true, please share that to those of us that paid monthly thinking we were getting accurate scores!

Also be aware that only the FICO 8 scores are continually updated - the other scores are only updated with a triple report pull every three months.

Re: What a crock

Sbrooks1 — Tue, 07 Jun 2016 23:13:42 GMT

I only wanted to see what rate I may get as cap one pre is soft pull, the letter said I already had a pending approval!? Just said EQ auto score, I actually don't need a new car as have a 2 yr old Honda CR-V w 14000 miles I bought brand new in 2014 . So thank god for that. Just was curious my interest rate and all. None of my fico current versions match the 609 score cap one reported!! Thanks for listening and advice as always!

Re: What a crock

Anonymous — Tue, 07 Jun 2016 23:25:15 GMT

@Sbrooks1 wrote:
I only wanted to see what rate I may get as cap one pre is soft pull, the letter said I already had a pending approval!? Just said EQ auto score, I actually don't need a new car as have a 2 yr old Honda CR-V w 14000 miles I bought brand new in 2014 . So thank god for that. Just was curious my interest rate and all. None of my fico current versions match the 609 score cap one reported!! Thanks for listening and advice as always!

Hi Sbrooks.

Credit scores need to be looked at with a grain of salt. It is an indication of where our credit health is at a given moment in time, but it changes. Not all lenders faithfully used FICO 8 or FICO 5 or whatever. Each creditor uses a model, but has their own variations. Rebuilding is a stressful process cause we want everything to be right again, like yesterday, but it don't happen that way. For the sake of my sanity, sometimes I stay away from Myfico sometimes a week at a time because reading others success can result in my making poor choices when it comes to applying for products I know I don't qualify for. Give yourself a break. You've done a good job rebuilding so far. Keep up the good work and know in time that all bad things will be off your report and your score will rise exponentially.