FICO Score differences between credit reporting agency and lender

[tparvaiz]

Hi,

A lender pulled my credit profile for mortgage preapproval. My FICO scores (for Equifax, Transunion & Experian) were significantly different from what I am getting when I go directly to the three credit reporting agencies.

Plus, lender told me that mortgage hard enquiry do no impact FICO scores. is that true?

Please advise .

Thanks

[805orbust]

Whether or not the inquiries affect your score depends on your file and how many you already have. The official line is that multiple inquiries within a short time period are scored as one because they expect you to shop around. Regardless, the effect is minimal, and wiped out after 1 year.

The scoring differences are easily explained as they may pull a model that's different than the one given to you from your source. There is no single, static credit score, rather, they are tailored to the parameters sought by the individual lenders i.e: auto, mortgage, bankcard, etc.

[Revelate]

Mortgage inquiries don't affect your score right now, there's a 30 day grace period on them.

You may or may not see a drop in 30 days as a result of it, but it'll be small.