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Is my FICO score different than the score lenders pull?

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Is my FICO score different than the score lenders pull?

I have been closely monitoring my FICO score for a long time, it is finally up to and holding at 628 and I applied (at Quicken Loans) for an FHA mortgage loan.  They denied my application, saying my credit score is only 549.

 

I have no experience with this, why are the two different and how do I address the lower score?  Are there other lenders that will look at my FICO score?

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Regular Contributor

Re: Is my FICO score different than the score lenders pull?

What score did you pull from here? The Equifax score should be what most lenders see. The Transunion score here is the old TU98 score, most likely your lender pulled the TU04 score. Different scoring models. And from recent posts, it is not rare to see a drastic difference between the models.


Starting Score: myFico Scores Equifax 544 Transunion 585
Current Score: myFico Scores Equifax 655 Transunion 663 Experian 645
Goal Score: 700 Across the board


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Re: Is my FICO score different than the score lenders pull?


@MrsB73 wrote:

I have been closely monitoring my FICO score for a long time, it is finally up to and holding at 628 and I applied (at Quicken Loans) for an FHA mortgage loan.  They denied my application, saying my credit score is only 549.

 

I have no experience with this, why are the two different and how do I address the lower score?  Are there other lenders that will look at my FICO score?


When they say your score is only 549 I'm assuming they are talking about your mid score. Mortgage company's pull all 3 credit reports and use the middle score or average score.


 You have 3 Fico scores, one from Transunion one from Experian and one from Equifax.

 

TBC

AUDE VIDE TACE :
Starting Score: 684
Current Scores: EQ 796 TU 794 EX 750 (All lender pulls on 2/9/12)
Goal Score: 800 all 3
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Re: Is my FICO score different than the score lenders pull?

I use the Scorewatch alerts, I think that is Equifax. 

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Re: Is my FICO score different than the score lenders pull?

It is possible that 549 was your mid score, and 628 happened to be your high score. Likely this was the problem. They take your 3 scores and use the mid score. which likely means one score is under 549, 549 is your mid score, and 628 was your high score. I would see if since you were denied, if they could furnish you with copies of your reports with your scores. I think you have that right within 90 days of denial.


Starting Score: myFico Scores Equifax 544 Transunion 585
Current Score: myFico Scores Equifax 655 Transunion 663 Experian 645
Goal Score: 700 Across the board


Take the FICO Fitness Challenge
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