I just don't get it....

[Anonymous]

So, I've been keeping track of my fico score for the past 6 months and have been happy to watch my "score" go from the 590s to the 630s...there's the good news right?  Well, we are moving and I throught that based on what this website tells me that we should be able to get a home loan, but when the banks pulled my score, they had one of my numbers down at 597...when I pull it from here is says it's 622.

What gives?  What the heck am I doing paying to watch my score when it doesn't even help me get a loan.

Mark

[Lel]

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@Anonymous wrote:

So, I've been keeping track of my fico score for the past 6 months and have been happy to watch my "score" go from the 590s to the 630s...there's the good news right?  Well, we are moving and I throught that based on what this website tells me that we should be able to get a home loan, but when the banks pulled my score, they had one of my numbers down at 597...when I pull it from here is says it's 622.

What gives?  What the heck am I doing paying to watch my score when it doesn't even help me get a loan.

Mark

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Which score was it that gave the two different numbers?  Equifax or Transunion?  Also, on the score report that your got from your lender, what versions of each FICO score did they use?

[Anonymous]

Transunion....

I pulled it from this website and it gave me a 622.  Wells Fargo pulled it and they gave me a 597.  It says "TUC Fico Classic 4".

I'm just so confused and frustrated...

[Lel]

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@Anonymous wrote:

Transunion....

I pulled it from this website and it gave me a 622.  Wells Fargo pulled it and they gave me a 597.  It says "TUC Fico Classic 4".

I'm just so confused and frustrated...

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The score that is sold through this site is a different version of the Transunion FICO score.  The score from here is referred to as the TU 98 score, as opposed to the TU 04 score that your lender pulled.  Many lenders have moved on to the TU 04 score, but there are still some who are using TU 98.

Some people have reported that their TU 98 and 04 scores are close.  Others have said that 98 is usually higher than 04; for some, it's the other way around.  In your case, unfortunately, your 04 score is lower than your 98.

[llecs]

As far as differences go, it's hard to tell fully without pulling both simultaneously to see trends. However, I know that utilization on certain cards is treated differently on 04 vs. 98. For example, my Amex charge is factored into util on TU98 using the balance and the high balance. In TU 04, it is not as aren't other no-limit CCs. I believe that inquiries are treated differently. FICO will look at mortgage or auto inquiries in a given time frame. I think TU98 is 14 days and TU 04 is 30 or 45. Finally, I think lates or strings of lates are treated differently.

[Anonymous]

Thanks for the info.  Unfortuantly I have one 30-day late payment on my student loan...that's what the bank is saying is killing me. 

Unfortunatly the only thing I can do is wait to get some time under that late payment...that's no fun.

[Anonymous]

How are the lates and strings of latex treated on the TU 04? If we have some lates that are from 07, 08 and 09 will we ever re over. The FICO model lists 13 accounts that are showing late. The last late if from Jan 2010. We are trying to raise our scores what is the best thing we can do? Thanks for any help you can provide!

[llecs]

IIRC, I remember listening to a FICO seminar via their website that talked about the scoring differences in FICO08 for TU vs. 04 and it seemed like they said that string of lates are a bigger scoring factor for both versions as compared tu TU98. In other words, single lates are more excused than a series of them but it also seems like it wasn't confined to just one TL; FICO looked at your credit as a whole in that regards.

For your lates, have you tried GWing them?

[Anonymous]

We have not tried GW yet. I wasn't sure if it would help because we had a couple of accounts that went the 30,60,90 route we caught them up but it took a little while. They were from 07 08 will they still be able to remove them if they are that late?

Thanks again for your help. My husband and I are supposed to close on a house in Aug and we are about 20 points shy and are scratching our heads as to how raise our scores. We only have one credit card and it is reporting a zero balance.

[llecs]

I'd GW. I've had 6 year old lates removed via a GW. Certainly worth the shot assuming this isn't the oldest or among your oldest TLs (if closed).