Wide range between 3 Mortgage scores?

[Anonymous]

We have been in process of new construction home last couple months. We initially were approved FHA but we're working on credit to go USDA. Several updates were done and as of last week MyFico was listing 661, 657, 712. The 712 was Experian and reflected an update of charge off we paid in full (~$3500). It boosted from 680 it was prior. The other 2 had yet to update the charge off. Our credit service with lender then went to update other 2 to get process moving using our paid letter from what we were told. They have both been updated now. We got alerts from MyFico showing that and even Credit Karma which boosted +26 each. However when LO pulled our scores today she said our score is 661. She said she also has 712 as the highest but can't explain why other 2 aren't higher. Can this be accurate. Experian boosts 34 points yet other 2 NOTHING? Could not letting it update on own and her putting it through have had an affect? The difference is being a 660 vs above 680 which can certainly help. When we asked about it we didn't really get an answer bit more like annoyed we were asking why. They are valid questions IMO. Anyone else have experience with lenders numbers not reflecting what they should be or anything similar? Thanks

[pgtackle2003]

To answer your question, no it's not uncommon for some of the Credit scores to be 20-30 points apart. As an example my TU and Exp are 26 points apart. The reason for me specifically is because TU has my last late payment as 22 months ago and Exp has it as 25. So there will be reasons for the differences but you need to look through your CR and figure out what these are. I would focus soley on this 1 charge off you're referring to. Look at all the differences and you will likely find the reason for the score differences.

As for the lender not explaining why they might be different, this seems common. My mortgage lender really couldn't even tell me what credit scores they pulled. I can almost guaruntee they are pulling your 3 mortgage scores (not Fico 8). Did you only pay for a one time report from myFico? It would be worth your time while during the mortgage process to have a monthly 3b account here on myFico. The scores listed on MyFico (EQ 5, TU 4 and Exp 2) are EXACTLY what my mortgage lender showed when they pulled them.

Best of luck

[Anonymous]

Yes we have the monthly 3b. That's why it's weird. It was pulled with only Experian updated to the 712. 32 points higher than our prior Experian pull. That after the update. The others weren't updated and once they were ZERO change. The reports look like they were the same all around other than that one update. Even Credit Karma which I know isn't the same thing went +26 on each once the new update hit. I think I need to get a copy of exact report and see like you said. Because although they can be different should Experian go up +32 after that update and the other 2 go up Zero for the same change? I would think not.

[pgtackle2003]

I would agree that I would think you should see some improvement from the other 2 even if not as much. How long ago did you see the update take place on the other 2?

[Anonymous]

It was pulled by lender today after they said it's all been updated. Like I said Experian updated the paid in full charge off automatically last week. That was about 25 days after our payment and it being sent to CRAs. We informed our LO of only Experian updating so far and to sort of expedite process they went to update Trans/Equifax themselves. It did as of Friday from alerts MyFico sent us and from what we were told today from lender. Official pull from them today shows the 712 like MyFico has for Experian so what we were seeing there was obviously correct. And 661 is also what we saw. But that was before the update. I feel like the way it was processed by them opposed to Experian automatically updating it had to of messed something up hence 32 points for one yet other 2 that we're done differently ZERO.

[pgtackle2003]

Very odd indeed. As you stated I would go ahead and get full CR for all 3 and then just compare to make sure it's being reported as paid and $0 balance. Other than that not sure why the other 2 would not have had some sort of increase in score after this reported.

[Revelate]

I would have asked to see the report data that the lender pulled, specifically seeing if those changes had landed though you should be able to napkin math it somewhat if the inquiries landed after you got the alerts.

That said, Experian is a different model altogether (FICO 98) than the other two (both FICO 04) and CO's might well just be handled differently.  We've had some recent debate if the CO factored into revolving utilization, looks like it quite likely was on EX, but EQ/TU being newer algorithms (comparitively, they're all 15+ years old now) might be different.

As for the rest it depends what's in your file: usually quick hit improvements are either getting negatives deleted (post in Rebuilding would be my recommendation) or paying down revolving utilization.