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Mortgage score considerably lower than consumer FICO?

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Mortgage score considerably lower than consumer FICO?

Hey all,

 

I understand that mortgage lenders use different scoring models, but when I first purchased my house (~3 years ago) the scores I got here (myfico) were either exactly the same as the scores the lenders pulled, or within 2-3 points.

 

Going through a refi, pulled all three scores here and showed 703, 706, 709.  Lender pulled the mortgage scores and came back at 659, 661 and 680.  So the different is 29-45 points, which seems incredibly high.  Can anyone shed some insight into what types of things might dramatically impact the mortgage versions more than the standard consumer ones?  Needless to say, in this case (cash-out refi) a mid-score of 661 vs. 706 is a world of difference!

 

Message 1 of 18
17 REPLIES 17
Regular Contributor

Re: Mortgage score considerably lower than consumer FICO?

MyFico has changed which score algorithms they sell on site. All scores here are now Fico 08 which are not used at all for mortgages purposes.

You can still buy your fico 04 on the Equifax site as a score power purchase.
Message 2 of 18

Re: Mortgage score considerably lower than consumer FICO?

I know its crazy!! We probably will not purchase myfico anymore. Whats the point, really.  We have been repairing and rebuilding our credit for 9 months now and On myfico my scores are:

 

Myfico:         Lender pull 12/8/14             Lender 02/14(starting)

609 TU        686 TU                                         583EX

635 EX        685EX

639 EQ       679EQ

 

Of course i was excited and very surprised to see that my scores were way better then i had thought, specailly struggling to get myfico scores up for 9 months, with hardly any budges. It was very upsetting for me to be fighting so hard trying to get my TU above a 620, just to find out its my highest score, everything is opposite, the only thing the same is that my experian is still my mid score!

 

We read somewhere that credit.com and creditsesame.com scores are pretty close to mortgage pull scores, and you know what, those people were right from what i see!!!

 

Credit.com

687

Creditsesame

688

Quizzle(EQ)

677

 

Pretty sad if you ask me!

77 point difference from my fico and a true lender pull, im not going to waste my money anymore

Starting Score: 583EX
Current Score: TU: 686 | EQ: 679 | EX:685
Goal Score: 720s All Around!


Message 3 of 18
New Member

Re: Mortgage score considerably lower than consumer FICO?

I totally understand my fico is 678, 724,698 but when th lender pulled my scores were a lot less with equifax reporting 553 after fico said 698 wow

Message 4 of 18
Super Contributor

Re: Mortgage score considerably lower than consumer FICO?


@dizzie_lizzie79 wrote:

77 point difference from my fico and a true lender pull, im not going to waste my money anymore


 

has anyone complained to them?   maybe they just dont get it.

 

i agree. worthless

 

Retired Lender
Message 5 of 18
New Contributor

Re: Mortgage score considerably lower than consumer FICO?

I agree! I feel if you pay $60 you should be able to choose the model you need, not everyone needs a new credit which is what FICO 08 is used for these days. My credit card they have on file got lost so I got a new one and I don't think I want to share it with my FICO to update my account lol. I have not logged into my account since my new payment became due, I only use the forums - I'm sorry but I feel like im getting ripped off!

Message 6 of 18
Contributor

Re: Mortgage score considerably lower than consumer FICO?

yes 60.00 is a rip off and they should let you know that the sores they sell you here are not the one lenders use just CC companys i just canceled my subscription. You can get your fico 04 from equifax.com  score power or subsribe to score watch for 14.95 a month

Gardening 10/10/14 to 10/10/15



Message 7 of 18
Established Contributor

Re: Mortgage score considerably lower than consumer FICO?

MyFICO vs Lender Pull scores on 11/10....

 

TransUnion

MyFICO 660, Classic 04 681

 

Experian

MyFICO 702, FICO-II 690

 

Equifax

MyFICO 719, Beacon 5.0 705

Current Score: TU: 674 | EQ: 722 | EX: 717 | Last Inq. 2/16/15...Locked Up in The Garden
NFCU Cash Rewards $14K | Chase Sapphire Preferred $5K | Amex Blue Cash Preferred $6K | Cap1 Quicksilver One Visa $9K

Message 8 of 18

Re: Mortgage score considerably lower than consumer FICO?

Idk, if anyone has or not. Its probably pointless too, as they will have some excuse and nothing will change

Starting Score: 583EX
Current Score: TU: 686 | EQ: 679 | EX:685
Goal Score: 720s All Around!


Message 9 of 18
New Contributor

Re: Mortgage score considerably lower than consumer FICO?

I recently applied to get a preapproval for a mortgage loan at Bank of America and Peoples mortgage. I have been getting the so called FICO scores from Wlamart CC, Discover and Capital One credit cards and my last month scores were 753, 753 and 758 respectively. I was under the impression that my score is above 750 and will get good rates. I was shocked to see when lenders pull my credit reports. The scores were EX-684, EQ-684 and TU-690. Bank of America approved me only for FHA loan as they require score of 720 and above to qualify for conventional loan. I then got preapproved for conventional loan from Peoples mortgage. Even there, the scores were in 680's. I then got my score from Equifax.com and it was 684. The score was spot on and that was what mortgage lenders pull. Even Credit sesame and credit Karma were way off mark. My CK score was 730 and CS was 722.

 

I then applied for a personal loan from Prosper. They softpull my credit report to offer the rates. The score was 740. It is obvious that the scores from credit card companies were closer to what prosper pulled. I guess the FICO scores we get from credit card companies need to be taken with a pinch of salt. How about Auto loan?. Do they use the same score mortgage lenders use?.

Wallet : AMEX Costco TE 23k, BoFA 123 Visa Signature $12.5k, Marriott rewards $5k, Discover IT $1.7k, Walmart Discover $5.5k, Cap 1 Platinum $1500, Amazon $2000

Scores: EQ 712(9/28/13), EX 728 (9/28/13), TU 717 (Credit Karma 10/26/13), TU 753 Walmart (9/03/13)
Last app : 9/28/2013
Message 10 of 18
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