Capital One Mortgage - which scoring models do they pull?

[Tango4n]

Hi all,

I am relatively new to this forum.

I have coupld questions and perhaps the credit experts here can help me to sort out the information...

My fico scores are up and down quite a bit. Few months back, they were in the low 600 (615 - 620).

I bought the score watch, ordered other scores from EX and TU as well... They were about 20 points apart, not big differences between these 3 scores.

And then I paid off lots of credit card debts, some of the late payments felt off from my report (due to time limits), therefore, my fico score (according to myfico score watch) jumped to 715.

I estimated that if the EQ fico score is 715, then the EX should be approx. 700 and TU should be in the range of 690 - 710 as well (based on the historical past scores that I pulled out last time, the differences between 3 credit bureau were 10 - 20 pts).

Anyway, I decided to refinance my house since the interest rate is still relatively low.

I called Capital One mortage, since their rate is pretty good and their closing cost is low (only few hundreds dollars, say $475).

They pulled my credit reports and scores from three credit bureau, and I am confused!

Capital One:

EX  798

EQ 668

TU 665

myFICO:

EX 700

EQ 715

TU 688

I might still be able to get the loan with the interest rate I want, but with higher closing cost.

Worst case, the interest rate would be 0.5% more, if someone pulls my credit report and my scores will drop and my qualification will be drop to the next level higher interest rate.

(that's what Capital One mortage consultant told me yesterday and he told me that dont let anyone pull my scores anymore until we can lock the rate).

Or should I wait and dispute with the credit bureau?

Can anyone explain me what's going on for these big differences between these 2 pulls (from Capital One and from myFICO)?

If the scores are so big differences, I wonder if I should continue to use myFICO to monitor my credit. Also, I just logged back to myFICO score watch, it still showed that my EQ score is 715 (even after Capical One pulled my report).

Thanks.

-M

[EW800]

I will let others that are far more knowledgable in this area than I am answer most of your questions, however I will say that from all that I have learned it is not uncommon for a mortgage lender to get different scores - higher and lower.  There are many different types of scoring models even within the same CB's.  Mortgage lenders often use one that is more fine tuned to their industry, auto industry to theirs and so on.  I think the myFICO scores are accurate, although may not be the same model that a particular lender pulls.  

I think what confuses me the most is of the reports that Cap1 pulled, Experian is 130 points higher than the other two.  I wonder if Experian is not showing a baddie that the other two are?

[Anonymous]

Mortgage lenders typically pull the 04 series of scores, and the ones available here are:

   EX 08    EQ 08   TU 98

Beyond that, the 798 score from EX looks kind of odd to me.  Maybe a misprint?

If you are looking for a mortgage, I'd suggest getting the EQ 04 score from the Equifax site ($20).  If you go this route, you need to avoid the other FAKO scores that are also sold there.