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So frustrated!

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ORllyNao
Regular Contributor

So frustrated!

I've made a lot of progress over the past several months in rebuilding my credit, but all of it seems futile when lenders decide to use their own scoring system or use something other than FICO. Just talked to a lender and even though my EQ FICO score is currently at 617, they show it at 548. SO FRUSTRATING. Even though I know nothing has really changed, it feels like I just got kicked right back to square one. It sucks. 

 

I don't know, sorry for the rant. I just think it's really difficult for consumers to rebuild their credit and improve credit scores if scores are all completely different, depending on which scoring model lenders are looking at. Gah. Back to the drawing board, I guess. 


FICO 8 | March 2023
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: So frustrated!

What lender? A lot of lenders are still using the older FICO models (your mortgage scores). I know that Cap One uses Equifax FICO Score 5.

 

Message 2 of 5
ORllyNao
Regular Contributor

Re: So frustrated!

This was through Quicken Loans. Not sure which score they use, though, because the score they gave me doesn't match my EQ FICO 5 either. :/ 


FICO 8 | March 2023
Message 3 of 5
CYBERSAM
Senior Contributor

Re: So frustrated!

You have to ask them what they used? there are no standard scores that a simple number would show if it is good or bad!







                
Message 4 of 5
Anonymous
Not applicable

Re: So frustrated!

So sorry to hear this for you.  The entire Credit reporting / scoring system needs to be totally revamped and needs to be much more consistent across the board. For all the regulations and rules the CFPB has put forth lately, I wish they see fit to would tackle this.  

Message 5 of 5
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