Need some understanding

[Anonymous]

I just checked my fico and it is 674 659 682. I contacted a mortgage company and they ran my credit scores and I came back lower. The bank guy told me that he looks at something much different and that I shouldn't bother with myfico. Can you update me for this, or is the bank trying to steer me into a mortgage product that would benefit them as opposed to me? thanks.

[pizzadude]

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@Anonymous wrote:

I just checked my fico and it is 674 659 682. I contacted a mortgage company and they ran my credit scores and I came back lower. The bank guy told me that he looks at something much different and that I shouldn't bother with myfico. Can you update me for this, or is the bank trying to steer me into a mortgage product that would benefit them as opposed to me? thanks.

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Mortgage lenders use the FICO04 scoring model which is an older model than the one which is available here at MyFICO, FICO08.  

Many times there are large differences between the different scoring models;  some people will have higher scores, others will have lower scores.

[Anonymous]

Do you know which banks use the latest version?

ps thanks for clarifying for me the difference 

[pizzadude]

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@Anonymous wrote:

Do you know which banks use the latest version?

ps thanks for clarifying for me the difference 

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Mortgage lenders all use the FICO04 scoring models, I'm not aware of any who have migrated to a different version.

[takeshi74]

It's not just mortgage lenders that use a different model.  See also:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

Never rely on one scoring model to determine your score generated using another scoring model.

[Anonymous]

If you get your score directly from Equifax for example...I believe they use the 04 model. Not sure about the other ones tho.

[pizzadude]

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@Anonymous wrote:

If you get your score directly from Equifax for example...I believe they use the 04 model. Not sure about the other ones tho.

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That's correct, you can purchase a FICO score from EQ which will be the FICO04 model.  However their FICO score is farily well hidden as they are marketing the "Equifax Credit Score" ( FAKO ).

The EX and TU websites no longer sell FICO scores.  

[wendlan]

I just had my credit run also by a mortgage broker and they got way lower scores. I have 636,623 and 611 which almost qualifies me...They got 603,596 and 527 which qualifies me for NOTHING. I don't get it,so I can't even monitor the scores they use? Why even subscribe to myfico if the scores are all wrong?

[pizzadude]

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@wendlan wrote:

I just had my credit run also by a mortgage broker and they got way lower scores. I have 636,623 and 611 which almost qualifies me...They got 603,596 and 527 which qualifies me for NOTHING. I don't get it,so I can't even monitor the scores they use? Why even subscribe to myfico if the scores are all wrong?

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It's not necessarily that they're wrong, it's just a different FICO scoring model.   Many other lenders use these scores, however the mortgage industry is standardized on FICO04.