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Help with which score they’re using.

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Anonymous
Not applicable

Help with which score they’re using.

We have been a couple months trying to get a perm to construction loan. All the bank can tell us is they’re using the Equifax credit score. Assuming it’s the Equifax mortgage score, I call him and say “okay my score is where you needed it to be” he calls me back and gives me a different score. I have asked numerous times which Equifax score they use and they’re not sure I just get “Equifax” every. Single. Time. So how am I supposed to monitor my score without knowing which one... none of my myFICO Equifax scores match his when he pulls them. I am just so discouraged and bummed out. Thankful for all this forum has taught me.
4 REPLIES 4
CreditCuriosity
Moderator Emeritus

Re: Help with which score they’re using.


@Anonymous wrote:
We have been a couple months trying to get a perm to construction loan. All the bank can tell us is they’re using the Equifax credit score. Assuming it’s the Equifax mortgage score, I call him and say “okay my score is where you needed it to be” he calls me back and gives me a different score. I have asked numerous times which Equifax score they use and they’re not sure I just get “Equifax” every. Single. Time. So how am I supposed to monitor my score without knowing which one... none of my myFICO Equifax scores match his when he pulls them. I am just so discouraged and bummed out. Thankful for all this forum has taught me.

99% of lenders use mortgage scores... being tri-merge and they take the middle score of equifax/experian/tu mortgage score.

 

With regards to what version MOST use it is the following Experian 2, TU 04 and Eq 05 mortgage scorew

 

 

Message 2 of 5
JVille
Valued Contributor

Re: Help with which score they’re using.

What bank? Is this a small community bank? Very few lenders actually understand the different types of credit scores. They simply know they enter you into their banks Online system and a score they use for lending pops out. And have not a clue as to which version.
Message 3 of 5
homeloanexpert
Established Contributor

Re: Help with which score they’re using.

I concur, most of us lenders use this model:

 

Equifax Score: 5

Trans Union Score: 4

Experian Score: 2

Branch Manager - Specializing in FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products.
Message 4 of 5
Anonymous
Not applicable

Re: Help with which score they’re using.

Hi I recently closed on a construction loan with a local lender and they only pulled Equifax but it was my FICO 8 scores smaller lenders don’t always use mortgage scores for their portfolio loans that they keep themselves
Message 5 of 5
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