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Another comparison between Myfico TU98 and Lender TU04

wednesdayaddamsd
Regular Contributor

Another comparison between Myfico TU98 and Lender TU04

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!

Amex PRG. Amex Blue. Amex ED. Cap 1 Quiksilver. Saks Fifth Avenue. Neiman Marcus. Grandin Road. Target Red Card. Barclay Rewards. Home Depot. Paypal BML. Affirm. Victoria's Secret. Care Credit. Lumber Liquidators. Art Van. Evine. Firestone. Discount Tire. Discover IT.
Message 1 of 8
7 REPLIES 7
Booner72
Senior Contributor

Re: Another comparison between Myfico TU98 and Lender TU04

CONGRATULATIONS!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 2 of 8
pizzadude
Super Contributor

Re: Another comparison between Myfico TU98 and Lender TU04

 

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....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 8
CS800
Super Contributor

Re: Another comparison between Myfico TU98 and Lender TU04


@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!


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




Message 4 of 8
CS800
Super Contributor

Re: Another comparison between Myfico TU98 and Lender TU04


@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....


Raises the question, is TU04 becoming more popular?




Message 5 of 8
pizzadude
Super Contributor

Re: Another comparison between Myfico TU98 and Lender TU04


@CS800 wrote:

@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....


Raises the question, is TU04 becoming more popular?


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

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 8
Revelate
Moderator Emeritus

Re: Another comparison between Myfico TU98 and Lender TU04


@CS800 wrote:

@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....


Raises the question, is TU04 becoming more popular?


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.

 




        
Message 7 of 8
wednesdayaddamsd
Regular Contributor

Re: Another comparison between Myfico TU98 and Lender TU04

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!

Amex PRG. Amex Blue. Amex ED. Cap 1 Quiksilver. Saks Fifth Avenue. Neiman Marcus. Grandin Road. Target Red Card. Barclay Rewards. Home Depot. Paypal BML. Affirm. Victoria's Secret. Care Credit. Lumber Liquidators. Art Van. Evine. Firestone. Discount Tire. Discover IT.
Message 8 of 8
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