Another comparison between Myfico TU98 and Lender TU04

[wednesdayaddamsd]

Well, my TU98 fico as of the morning of my lender pull was 638 (this was the Myfico score). Lender pulled that afternoon, their score was 667 (lender used TU04). This occurred last week.

I had been holding off on applying for a mortgage because I wrongly assumed that my TU04 would be wayyyyy lower. Well, in my case it was almost 30 points higher.

My history: BK7 filed 6-2010, discharged, 10-2010. No baddies since, 4 new credit cards. My credit score (according to MYfico TU98) as of 6-2010 was 470.

I hope this helps someone!

[Booner72]

CONGRATULATIONS!

[pizzadude]

Wow, that is quite a difference ~ almost 30 points !    I'm glad that it was higher !

I don't recall what the differences are between FICO 98 and 04, but this goes to show that they can be significant for some people....

[CS800]

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@wednesdayaddamsd wrote:

Well, my TU98 fico as of the morning of my lender pull was 638 (this was the Myfico score). Lender pulled that afternoon, their score was 667 (lender used TU04). This occurred last week.

I had been holding off on applying for a mortgage because I wrongly assumed that my TU04 would be wayyyyy lower. Well, in my case it was almost 30 points higher.

My history: BK7 filed 6-2010, discharged, 10-2010. No baddies since, 4 new credit cards. My credit score (according to MYfico TU98) as of 6-2010 was 470.

I hope this helps someone!

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I thought the same but my TU08 is 31 points higher than my TU98

[CS800]

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@pizzadude wrote:

Wow, that is quite a difference ~ almost 30 points !    I'm glad that it was higher !

I don't recall what the differences are between FICO 98 and 04, but this goes to show that they can be significant for some people....

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Raises the question, is TU04 becoming more popular?

[pizzadude]

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@CS800 wrote:

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@pizzadude wrote:

Wow, that is quite a difference ~ almost 30 points !    I'm glad that it was higher !

I don't recall what the differences are between FICO 98 and 04, but this goes to show that they can be significant for some people....

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Raises the question, is TU04 becoming more popular?

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I would think that eventually ( soon hopefully ) TU98 will be obselete.  It's hard enough to keep track of 98, 04, and now 08....

[Revelate]

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@CS800 wrote:

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@pizzadude wrote:

Wow, that is quite a difference ~ almost 30 points !    I'm glad that it was higher !

I don't recall what the differences are between FICO 98 and 04, but this goes to show that they can be significant for some people....

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Raises the question, is TU04 becoming more popular?

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I think TU04 is basically the default now for mortgage pulls: as GregB pointed out in another thread, because mortgages are packaged and sold off to Fannie / Freddie (or a few years ago some other complex investment instruments), all of the lenders pretty much have to agree up front what scores will be used so they're all on the same page and the loan originators don't get stuck with a whole bunch of loans they desperately don't want.

[wednesdayaddamsd]

It certainly appears that way. I can't beleive how much money I spent on the TU98 pulls here thinking it must be lower than TU04, I was paying a fortune re-pulling my report to see if the score had increased. I'm pretty ticked about the waste of money   since the version here is not useful to me at all in my situation (mortgage).

I think it should be a right that any consumer can view any one of the scores used to make a decision on their behalf. I mean, they are the one who should be informed about what the lender sees right? The consumer is the one paying the interest, and engaging in a contract just as much as the lender is!