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Howdy Folks First post here, But I have been reading the boards the last month or so and finaly decided to ask a question and hope I am in the right area.
My current Equifax scores are as follows Eq-628, Ex-649,Tu-660 With a Fico of 600 My question is this, Is the Fico score used or would it be the Middle score?
I was in pre closing in October and was doing the Fha Loan when at that time I had a middle score of 630 and I was informed it needed to be 640. The lenders had changed there Policy a bit because of the new FHA Standards so now I am in the Process of trying to just get my score to at least 650 only thing is I am not 100% sure wich dag gum Number I need to get to 650 LOL.. Any ways If someone could just enighten me just a tad a bit more that would be great. My Loan Officer has been great but Since his scores were a Lil Different thaN whatt Eq shows I really Do not know what I should use to gauge the scores.
Thanks ahead of time for any Advice.
JJ
You mentioned "My Equifax scores". Did you get these three scores from a service provided through Equifax.com?
ETA...Welcome to the forums!
The Equifax scores you pull from myFICO.com should be the same as a mortgage loan officer pulls. The TransUnion score you get from myFICO.com uses an older scoring model (Classic 98) than mortgage lenders use (Classic 04). In my experience someone who has great credit will have a higher Classic 04 TU score than a Classic 98 TU score, and someone who has fair credit or worse will have a lower Classic 04 TU score than Classic 98 TU score. Experian it's tough to gauge since there aren't any consumer websites that provide it to my knowledge.
The qualifying score is your middle (median) score, so from the numbers you posted initially your middle score would be the 649 Experian.
I know "middle score" is the mantra around here, but I had a different experience - at TCF, I was pre-approved with only my TU score. Your loan officer should be able to tell you 1) what all of your FICO scores are and 2) whether they are basing decisions on one specific score or just the middle of all of them. I would sign up for ScoreWatch here using a googled coupon code for 25% off and monitor my EQ score. Also, I'd pull a TU report when there was some change that could alter my score on that report, also using the code. I'd consider myself "safe", assuming that mid-score was the answer, when both of those were above 650.
Thanks so much for the replies, The Eq scores are from Equifax site I use the Equifax complete and score watch but I also use Myfico.com
I talked to my loan officer today and he said that it could be worth a point or 2 just to see were I am according to his program and tell me exactly what I might need to do
to get the score if needed. Hopefully I am already there. But based on the Fico score I think I will need a another Month. Crossing my finger.
Thanks again for any replies, I might have to get some more answers if my score falls short.
JJ
@Anonymous wrote:Thanks so much for the replies, The Eq scores are from Equifax site I use the Equifax complete and score watch but I also use Myfico.com
I talked to my loan officer today and he said that it could be worth a point or 2 just to see were I am according to his program and tell me exactly what I might need to do
to get the score if needed. Hopefully I am already there. But based on the Fico score I think I will need a another Month. Crossing my finger.
Thanks again for any replies, I might have to get some more answers if my score falls short.
JJ
Ah-ha! The scores from Equifax Complete don't offer FICO scores at all. They use a non-FICO score called a "Equifax Credit Score". I also use the service because you get unlimited full EQ reports which comes in handy from time to time. I ignore the scores because they have been as much as 50 points off for me when comparing it to my FICO scores when pulled the same day. They aren't the real deal. Ignore the advice too, bu t again, the reports (esp. from EQ) are great.
The score from SW is a FICO. I use that too. Be sure to set your Target score each time your EQ FICO score changes. Make sure the target and current scores match all the time. That way, you'll get alerted to every score change.
As Shane mentioned, you can get TU FICO from here, but YMMV if your lender pulls the same TU version. If you pull any more scores, use mauve's suggestion on the discount. I'm in the middle of the mortgage process too and it gets expensive pulling all the time.
Thanks so much for the info LLecs. All these credit scores are crazy I got a call Monday from my loan Officer I gave him the go ahead on pulling my report again,.
And what do you know. He tells me I am gtg My Middle score was at 660, I am Left Scratching my head wondering How in the hell did my score get there.
O well I am glad and hope we can move the loan app forward . Once again thanks to all the replies.
JJ
Equifax scores are total garbage. Really, they are.
When my EQ Myfico score was 770, on EQ's own site it is 700. At 801, EQ was 716. It was totally way off the mark.
It also seems EQ's scoring thingie doesn't consider age of your DQs at all. If you got a 60-day late that expires off in a few months, you will not get a single point back for it until the thing is totally gone. I'm sure there are also other aging issues with EQ's scoring that maximize the differences between their FAKO and myFICO.