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Is the TU score here accurate for applying for a mortgage

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Is the TU score here accurate for applying for a mortgage

I was reading in another thread that the TU score that you get here is a FAKO score now.  Is this true? If it is true, how does this effect my chances of getting a mortgage.  I was all happy that 3 months ago my scores were in the 620's and now the TU score .is 660.  How accurate is that jump.  Now I am starting to question if it will be good enough to apply for a mortgage.  My EQ score jumped as well from the 620s to the 660s.  Worried now that I am not is as good a position as I thought I was just a day or so ago.

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Re: Is the TU score here accurate for applying for a mortgage


@busymomof3 wrote:

I was reading in another thread that the TU score that you get here is a FAKO score now.  Is this true? If it is true, how does this effect my chances of getting a mortgage.  I was all happy that 3 months ago my scores were in the 620's and now the TU score .is 660.  How accurate is that jump.  Now I am starting to question if it will be good enough to apply for a mortgage.  My EQ score jumped as well from the 620s to the 660s.  Worried now that I am not is as good a position as I thought I was just a day or so ago.


myFICO does not offer any FAKO scores.  The one you receive here is a real FICO score.

 

However, the thing to keep in mind is that the FICO formula has been updated many times over the years.  The one sold here is TU98.  There are two newer versions since then: TU04 and TU08.  Most lenders use TU04, but some may still use TU98 or be updated to TU08.  That being said, your myFICO TU98 score certainly could be different than your lender pull, which would most likely be a TU04.

Gardening with: PSECU Combo $1k, Chase Freedom $3.5k, Discover It $1.7k, Amex Costco True Earnings $2k, Capital One Platinum $500, Best Buy Store Card $2.7k

Starting Score: FICO: 587 EX, 594 EQ, 632 TU, 2/15/12; USAA FAKO: 525 EX, 541 EQ, 525 TU, 2/15/12
Current Score: FICO: 678 EX, 629 EQ, 658 TU, 3/27/12; USAA FAKO: 721 EX, 721 EQ, 576 TU, 3/9/12
Goal Score: 700 Across the Board and Amex Zync or Costco By The End Of 2012


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Super Contributor

Re: Is the TU score here accurate for applying for a mortgage

 

It's very possible that your TU98 score could be off your TU04 by 30 points or more either way, or it might be close ~ people have reported many different variances.   It will just come down to what is on your credit reports.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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Regular Contributor

Re: Is the TU score here accurate for applying for a mortgage

When I got my credit score from TransUnion on 3/30 it said : 612 and when I went to the mortgage broker and he pulled it on 4/3/12 it was 590... Come to find out he is using the Fico Classic 04 scoring module... Where can I go to get my score using this module? 22 points different is pretty big... We need a middle score of 620 to get the pre-approval letter to get the house we are looking for... I had several items in dispute with Transunion when they sent me the e-mail this morning stating the investigation was complete I was able to pull a new report and the items does show up correctly plus... a collection item was removed... So I'm wondering if this gave me the 30 points needed... The collection item was just put on the report on 02/28/11... It was a billed that was supposed to be paid by Workman Comp and after I got pretty nasty with the people they said if I got Workman Comp to pay the bill they would remove it from the report... When I looked at this report this morning it is indeed removed... I want to see how much of a difference all this made to the score... But, I want the score that is using the same as the mortgage company...

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Re: Is the TU score here accurate for applying for a mortgage


@Watching wrote:

When I got my credit score from TransUnion on 3/30 it said : 612 and when I went to the mortgage broker and he pulled it on 4/3/12 it was 590... Come to find out he is using the Fico Classic 04 scoring module... Where can I go to get my score using this module? 22 points different is pretty big... We need a middle score of 620 to get the pre-approval letter to get the house we are looking for... I had several items in dispute with Transunion when they sent me the e-mail this morning stating the investigation was complete I was able to pull a new report and the items does show up correctly plus... a collection item was removed... So I'm wondering if this gave me the 30 points needed... The collection item was just put on the report on 02/28/11... It was a billed that was supposed to be paid by Workman Comp and after I got pretty nasty with the people they said if I got Workman Comp to pay the bill they would remove it from the report... When I looked at this report this morning it is indeed removed... I want to see how much of a difference all this made to the score... But, I want the score that is using the same as the mortgage company...


There is nowhere you can buy the TU04 score.  Sorry, but that is the situation right now.  You can only get it from a lender pull.

 

As for how your score will change, there is no way to know.  In fact, if your score was previously pulled while your dispute was active, it could go up or down.  During a dispute, OC accounts are excluded from FICO scoring.  It is possible that negative information that was being excluded during the dispute would be included going forward and lower your score.

 

It is also very possible that your score could increase as well.  You will just have to wait until your next lender pull to know really.

Gardening with: PSECU Combo $1k, Chase Freedom $3.5k, Discover It $1.7k, Amex Costco True Earnings $2k, Capital One Platinum $500, Best Buy Store Card $2.7k

Starting Score: FICO: 587 EX, 594 EQ, 632 TU, 2/15/12; USAA FAKO: 525 EX, 541 EQ, 525 TU, 2/15/12
Current Score: FICO: 678 EX, 629 EQ, 658 TU, 3/27/12; USAA FAKO: 721 EX, 721 EQ, 576 TU, 3/9/12
Goal Score: 700 Across the Board and Amex Zync or Costco By The End Of 2012


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Regular Contributor

Re: Is the TU score here accurate for applying for a mortgage

Thank you very much... Everything that was dispute was concluded in a positive way.... They had open tax liens that were really closed/paid/released.. At the time of the pull the collection I mentioned was not being disputed thru TransUnion (because I knew the reporter was going to take care of it) So really with all of this I can only see where it would go up.. But, I just want to know if it happened to have went up the 30 points that was needed... I'm really not wanting another Hard Pull to hurt the score even more...

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Established Contributor

Re: Is the TU score here accurate for applying for a mortgage

How long ago did you get your last lender pull?  If you get another one, it may not lower your score.  Multiple mortage pulls within a certain time (15-45 days depending on the scoring method) are scored as one.

Gardening with: PSECU Combo $1k, Chase Freedom $3.5k, Discover It $1.7k, Amex Costco True Earnings $2k, Capital One Platinum $500, Best Buy Store Card $2.7k

Starting Score: FICO: 587 EX, 594 EQ, 632 TU, 2/15/12; USAA FAKO: 525 EX, 541 EQ, 525 TU, 2/15/12
Current Score: FICO: 678 EX, 629 EQ, 658 TU, 3/27/12; USAA FAKO: 721 EX, 721 EQ, 576 TU, 3/9/12
Goal Score: 700 Across the Board and Amex Zync or Costco By The End Of 2012


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Established Member

Re: Is the TU score here accurate for applying for a mortgage

My lender used TU04 and my scores were actually higher on his end then what I was getting here,  You just don't ever know until your lender pulls your credit.  I would go ahead and try - at the very least a lot of lenders can give you advice on how to get a score up by a few points to qualify and can rapid rescore in need be.


Starting Low Score April 2011:572
Current Low Score - 661 April 2012
Goal Score: 700's

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Message 8 of 9
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Frequent Contributor

Re: Is the TU score here accurate for applying for a mortgage

The EQ score you pull from here is the same as the lenders pull, from what I have read. Just the TU score is usually not.

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