My credit union doesnt use a FICO

[pizzadude]

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@AndySoCal wrote:

Only on this forum is there a concern about FICO and FAKO ( all non FICO socres). In the real world there is no such conern. The decision based on your credit worthiness ( income and credit history and level of indebtedness).  Depending on the score what it is evaluating it is integrated into the underwriting decsion. On CSC question it does not make a difference it is an Equifax score based on your credit profile.  Yes I agree that CSC is hard to deal with at times.

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I would disagree with this.   In mortagage lending people are routinely denied via underwriting for not meeting a certain FICO score threshold, despite having sufficient qualifications in all other areas.     In auto lending there are various financing tiers that are based on some types of FICO scores.

Many CCs will also deny you via their automated underwriting system based on having scores that are too low.

I agree with your statement if it is the context of manual underwriting, however the reality is there are many underwriting decisions based exclusively on a credit score.

[Revelate]

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@pizzadude wrote:

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@AndySoCal wrote:

Only on this forum is there a concern about FICO and FAKO ( all non FICO socres). In the real world there is no such conern. The decision based on your credit worthiness ( income and credit history and level of indebtedness).  Depending on the score what it is evaluating it is integrated into the underwriting decsion. On CSC question it does not make a difference it is an Equifax score based on your credit profile.  Yes I agree that CSC is hard to deal with at times.

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I would disagree with this.   In mortagage lending people are routinely denied via underwriting for not meeting a certain FICO score threshold, despite having sufficient qualifications in all other areas.     In auto lending there are various financing tiers that are based on some types of FICO scores.

Many CCs will also deny you via their automated underwriting system based on having scores that are too low.

I agree with your statement if it is the context of manual underwriting, however the reality is there are many underwriting decisions based exclusively on a credit score.

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I don't think that's what Andy was getting at.

Virtually all major lenders have their own internal algorithms, or may pull a specific score from a specific CRA, or third party, that we have absolutely no idea or knowledge of.

About all we know somewhat conclusively is that mortgage brokers and mortgage loan originators, will almost always currently pull EX FICO 2, EQ Beacon 5.0, and TU04.  Beyond that the only scores that matter are the individual ones the lender calculuates on a pull of the report... so from that perspective, even the majority of FICO scores are not worth much more than FAKO's if your lender doesn't use them.  Their only innate benefit is *maybe* they will be used, whereas we know the majority of current FAKO scores are not.

Andy is correct: it's the base underlying data in the report the matters, the algorithm is run against that and weights various things differently from other algorithms, to generate a score for an underwriting decision on any loan or credit product.

[llecs]

OP, there is a FICO version that goes to 950. Without looking it up, it might be NextGen.

[AndySoCal]

Pizzadude,

Revelate is correct on the point I was trying to make. You are correct the mortgage industry is uses FICO's scores as a part of the decisioning process.  You are also correct that some mortgage have a minimum score needed to qualify. Even with the minimum score requirement met it does not mean you will get the loan. IE if you do not have sufficient income or downpayment etc. 

The bottom line it is your creditworthiness that drives the underwriting decision no matter what type of loan you apply for.  The credit score is one part of that evaluation process. One of the reasons FICO score is the accuracy and reliability of the score. Keeping in mind that a FICO score is predictive score and  not a grade on your credit history per se.  What score product a lender uses  wether it be a ureau credit score IE TU Risk Score, a FICO score or a Vanatage score is up to the lender. The difference the score is what is evaluated in the credit hstory.

[GregB]

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@llecs wrote:

OP, there is a FICO version that goes to 950. Without looking it up, it might be NextGen.

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The design range of Next Gen is 200-950 so it does go UP to 950 but doesn't match 350-950.

The Industry Option Classic FICOs all have a design range of 250-950 so they match at the high end but not at the bottom.

Being a CU, they could use FICO 350-850 plus in-house modifications that can add up to 100 points.