What's the piont of the FICO Scores?

Anonymous · ‎02-20-2009

I was just wondering what is the point of the MYFICO scores if the mortgage companies are going to pull something different. It is really started to ERK ME!

fused · ‎02-20-2009

The vast majoirty of mortgage lenders pull FICO scores, the same scores as we do here with one possible exception. About half of the lenders who pull TU FICO scores are using the 04 model, while the other half are using the 98 model. When we pull our TU score here at myfico, we are getting the 98 flavor.

Anonymous · ‎02-20-2009

so which ones gives you a higher TU Score? the 04 or 98? So I should possibly expect my scores with the mortgage company to be the same with FICO

llecs · ‎02-20-2009

nikkij6577 wrote:
so which ones gives you a higher TU Score? the 04 or 98? So I should possibly expect my scores with the mortgage company to be the same with FICO

'98 typically is higher, but most lenders use that anyway. '04 has been lower by about 30 pts on avg. fo many.

Yes, your scores would be the same. If you are going to compare, pull your scores on the same day as your lender. Scores can change daily depending on what reports to it.

Junejer · ‎02-20-2009

It depends upon what's in your credit file, Nikki. There is no one that will come out higher than the other. For me, '04 has been about 30 points higher on two different occasions. My profile looked a little different then though. For all I know, it might be lower now. FTR, a little more than 50% of lenders are currently using the '04 model.