Mortgage score considerably lower than consumer FICO?

[madmann26]

Credit Karma and Credit Sesame are FAKO (read, fake) scores and are not to be used as real scores.

I pulled my EQ Scorepower and when compared to myfico.com, there is a 1-point difference.

YMMV of course.

[ezdriver]

Caveat emptor. This issue with differences among score sources is old news. I recommend that folks do some simple searches before subscribing for stuff. I will not categorize myFICO's offerings as "ripoffs". You want a score and they sell you one. Same for the other non-lender sources ... including credit reporting agencies. They are all selling stuff to people who are buying their stuff. This topic is probably one of the most documented topics in this forum. I've become reluctant to comment on it anymore.

[Lemmus]

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@ezdriver wrote:

Caveat emptor. This issue with differences among score sources is old news. I recommend that folks do some simple searches before subscribing for stuff. I will not categorize myFICO's offerings as "ripoffs". You want a score and they sell you one. Same for the other non-lender sources ... including credit reporting agencies. They are all selling stuff to people who are buying their stuff. This topic is probably one of the most documented topics in this forum. I've become reluctant to comment on it anymore.

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+1 ...amen brother ...I subscribe to myFico's 3B ...I'm fully aware they provide 08 model scores and what models which lenders actually use ...now that the bugs are out of 3B for the most part and I get consistent updates that I can compare on a regular basis, I'm a happy camper with myFico ...that said, my mortgage pulls were either nearly the same or higher (743 mid) so the 04 model likes my file a bit more than the 08 model for some reason ...especially EQ

...I read a LOT on the forums (including all the stickies) before I started posting ...kept me from embarassing myself (mostly) when I did start posting ...and I enjoy helping those with questions I can answer ...but like you I've become reluctant to comment on this topic ...if anyone bothered to read the stickies first, 90% of the questions on this topic would not be posted ...not to mention those who think myFico is a scam/ripoff/con/etc because of the different models ...they're welcome to their opinions but then so am I 

[disdreamin]

I read stickies and do searches in forums before posting, but I think recent feedback about score differences isn't a bad thing to share. I'm sure if I spend enough time in these forums I'll be deathly sick of it, but personally I find it reassuring to see others with similar -recent - pulls.

[Peter1142]

They used to sell the correct Eq scores on here that match what lenders use, but now that they've updated to the latest FICO versions the scores here are almost as useless for mortgage applications as any others you can get online. Even for credit cards... there are so many different score versions, buying a score is only really useful to get some rough gauge of progress.

[kjel]

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@Peter1142 wrote:

They used to sell the correct Eq scores on here that match what lenders use, but now that they've updated to the latest FICO versions the scores here are almost as useless for mortgage applications as any others you can get online. Even for credit cards... there are so many different score versions, buying a score is only really useful to get some rough gauge of progress.

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There's no single "correct" score. The focus should be on the content of your reports and the accuracy of how they report. A credit score is a reflection of this.

[Peter1142]

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@kjel wrote:

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@Peter1142 wrote:

They used to sell the correct Eq scores on here that match what lenders use, but now that they've updated to the latest FICO versions the scores here are almost as useless for mortgage applications as any others you can get online. Even for credit cards... there are so many different score versions, buying a score is only really useful to get some rough gauge of progress.

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There's no single "correct" score. The focus should be on the content of your reports and the accuracy of how they report. A credit score is a reflection of this.

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There are plenty of people on these forums that barely have a qualifying score, even after focusing on the content and accuracy of their reports... and people trying to get a better rate. There is very much a "correct" score. Having my qualifying middle score available on here during my mortgage application process was extremely valuable to me.

[ezdriver]

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@kjel wrote:

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@Peter1142 wrote:

They used to sell the correct Eq scores on here that match what lenders use, but now that they've updated to the latest FICO versions the scores here are almost as useless for mortgage applications as any others you can get online. Even for credit cards... there are so many different score versions, buying a score is only really useful to get some rough gauge of progress.

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There's no single "correct" score. The focus should be on the content of your reports and the accuracy of how they report. A credit score is a reflection of this.

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I would add....

1) Three or more tradelines

2) With ontime payments and

3) Low utilizations and

3) No derogs

I agree that there is no "correct" score that will apply to every type of credit.