Could my scores be wrong?

[Anonymous]

Ok, so my husband and I applied for an FHA mortgage. the bank said that they take the lowest middle score. Well, we got denied today. Which confuses me. I pulled my scores before we applied to make sure all was good and the loan officer pulled up one score differently.

My scores on myfico are EQ 609, TU 584, EXP 554.He came up with the same scores for EQ and EXP but when he pulled up my TU score, it was 554. What happened? Could myfico be wrong?

My husband has good credit. His scores are EQ 737, TU 716, EXP 684

I am just wondering what scores are wrong? Or what happened and if anyone else has had this problem.

[Anonymous]

There are different scoring models available and the lender may be using a different version than the FICO website uses.

Ask the lender if he knows which TU scoring model they use.

[Anonymous]

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@Anonymous wrote:

There are different scoring models available and the lender may be using a different version than the FICO website uses.

Ask the lender if he knows which TU scoring model they use.

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Unfortunately my experience in this has been, they will almost always say we don't know and if you manage to get someone who does, they almost always say sorry we can't disclose that information. It has been my experience that asking them anything is a futile effort.

[fishbjc]

Yep.  Who knows what they're using?  Auto lender pulled both dh & my TU scores.  Mine matched, his didn't.  Off by 50 points or so.

Guardian:  Yep it's a futile effort but I think we should be given that information.  We're (as consumers) going to have to band together and get some changes made.

OP:  I hope one of the mods moves this to mortgage forum, where you will get more answers.  Because one lender denied you, doesn't mean there isn't one who will give you an approval.

OP:  What is the actual reason for the denial?  If it's because of your scores, let us help you improve those,,,,and pronto if possible.  We'll need lots of information though.  Collections?  Charge-offs?  Utilization?  Why are your scores that low???

[Anonymous]

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@fishbjc wrote:

Guardian:  Yep it's a futile effort but I think we should be given that information.  We're (as consumers) going to have to band together and get some changes made.

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I agree with you at 1 MILLION percent but that doesn't change the reality of what we get, which is bupkis either due to ignorance or simply being jerks because they can. Unless there is a law that forces them to be held accountable, we won't see anything even close to what is right.

[Junejer]

I think that a mortgage broker has more information at their fingertips, than does a CSR at a CCC. The broker is the one who actually pulled the report, so all they have to do is look at the TU repository and see that they pulled Emperica Classic 04--which is likely the case.

[Junejer]

OP, can your husband qualify on his own for the home, or do you need your income to qualify?

[MattH]

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@Junejer wrote:
OP, can your husband qualify on his own for the home, or do you need your income to qualify?

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Good suggestion, sometimes one can get around various issues by having one person apply.  When my wife and I got our condo, we both had good credit but since at the time she was a freelance writer and editor her income would have been harder to document than my salary.  We took joint title and we both signed the loan note, but since my income was more than sufficient to carry the loan we just put "homemaker" for her on the application and for income just put my salary.