Lender's Credit Score different???

[Anonymous]

I had a lender pull my score and it was 614, 589, 580. I pulled my own score from TU, EQ and Experian and it was 604, 635, 593. Why does the score vary? Are the lenders' reports updated once per month or quarter??

Please help me. I'm trying to find a lender for my first home by October.

I'm expecting my first child in November, and I want to be moved by then.

Any advise?

[Anonymous]

I was told that the minimum score for the USDA or RD loans is 640, but for regular financing through banks are getting pretty strict. One bank told me they were strict on 740 minimum 5-10% down plus closing costs... Did you ask the bank where they pulled the scores from?

It all will depend on what types of negative information is in your files too.... Did you pull fico scores or Facos?

Message Edited by tebs78 on 07-27-2009 11:27 AM

[haulingthescoreup]

Your lender probably used FICO's. You might have pulled FAKO's, although if you pulled your EQ score from the Equifax site, it should be a FICO. If so, the only scores that you can compare are the EQ scores.

When did you pull, and when did your lender pull? Scores can really jump around, especially with reported balances.

[Anonymous]

Both scores were pulled on the same day, I'll try comparing my FICO score with the lender's.

[llecs]

What website(s) did you use to pull 604, 635, 593?

[Anonymous]

truecredit.com and experian.com

[llecs]

Unfortunately truecredit.com and Experian.com don't sell FICO scores. They sell a non-FICO score we affectionably call a FAKO score. Generally, lenders don't use these scores and will most always be off-base when comparing your true FICO. Truecredit sells a FAKO score called a TransRisk score and Experian either sells a FAKO score called a PLUS score or a VantageScore.

The scores pulled by your lender are FICO scores. Aside from your lender, the only place to get your EQ FICO score is myFICO.com or Equifax.com (Equifax and FICO partnered up for the EQ score only). Aside from myFICO and your lender, you can also get your TU FICO score via transunioncs.com (note the -cs). Finally, as of this past February, it impossible to pull your own EX FICO score.

[RobertEG]

I agree with all that has been said, and will add to the confusion the following.

Even if what you get are real "FICO" scores, which only means that the scoring algorithm used to produce them was marketed under license from Fair Isaac, FI does not vend only one FICO scoring algorithm.. 

They vend dozens.  As for the consumer scores that you and I can purchase, they vend a different algoithm to each CRA, so even with identical credit reprorts with each CRA (which is rare), the FICO scores reported on their consumer credit reports wont be the same.

Fair Isaac vends different flavors of their algorithm to different credit markets.  So, again, with the same credit report upon which all scoring is based, you may get quite different scores if your porspective lendor is pulling an auto ehanced or mortgage based score.

AND, if the score they are using is not even a Fair Isaac (FICO) score, there is NO comparison.