Mortgage Credit Score?

[Anonymous]

I recently applied for a refi mortgage loan.  My CONSUMER scores are all 780 and above.  I am being rejected by this very large bank because they say that my MORTGAGE credit scores are too low to qualifiy for mortgage insurance.  They have told me that my scores is 674, more than a hundred points away from my consumer score.  Until this point in time I had never heard of a mortgage credit score.  Are the consumer agencies failing us with this new score or is there something funky going on with this bank?

[MarineVietVet]

---

@Anonymous wrote:

I recently applied for a refi mortgage loan.  My CONSUMER scores are all 780 and above.  I am being rejected by this very large bank because they say that my MORTGAGE credit scores are too low to qualifiy for mortgage insurance.  They have told me that my scores is 674, more than a hundred points away from my consumer score.  Until this point in time I had never heard of a mortgage credit score.  Are the consumer agencies failing us with this new score or is there something funky going on with this bank?

---

Hello and welcome.

One thing I will ask is where did you get your scores? No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO.

At one time you could also purchase your Transunion score at transunioncs.com but that site seems to have stopped doing that. Wal Mart now offers a TU score to those who have their store card and the Discover version.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/

And yes there are mortgage enhanced scores and credit card enhanced scores and auto enhanced scores. etc. It admittedly can be and is very confusing.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

I received equifax from my monitoring service.  I received the others through a car loan 6 months ago.

[MarineVietVet]

---

@Anonymous wrote:

I received equifax from my monitoring service.  I received the others through a car loan 6 months ago.

---

In many cases a mortgage application requires all 3 scores and then the middle score is used. Are you saying your middle score was 674? What were the other 2 scores?

Did they tell what what version of the scores were used? For example:

Equifax Beacon 5.0

Transunion Classic 04

Experian Fair Isaac Risk Model v.2

It could have slightly diffferent wording that those.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

According to what was said to me by the bank rep the middle score was 674 however my middle "consumer" score, and he made it a point to me that there is a difference, was 784.

Equifax Beacon 5

Experian Fair Issac 2

Transunion Risk Score Classic 04

I am really confused as to what he was seeing relative to what I see.  I still have my credit scores from my car loan purchase, which match the above.  My income has gone up, my car payment liability went down and no blemishes (including queries as I have credit locks on all of my accounts).  This makes no sense.

[MarineVietVet]

---

@Anonymous wrote:

According to what was said to me by the bank rep the middle score was 674 however my middle "consumer" score, and he made it a point to me that there is a difference, was 784.

Equifax Beacon 5

Experian Fair Issac 2

Transunion Risk Score Classic 04

I am really confused as to what he was seeing relative to what I see.  I still have my credit scores from my car loan purchase, which match the above.  My income has gone up, my car payment liability went down and no blemishes (including queries as I have credit locks on all of my accounts).  This makes no sense.

---

The car loan scores are likely Auto Enhanced Scores which give more weight to past auto loan history. But I have no idea why the 100 point difference. I am as puzzled as you are.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[GregB]

We need more info to even guess well.

Do you know what scores they pulled. Virtually all mortgages use the same normal scores as mentioned above so it would be a big surprise if they were using something different. I hate to assume that they are using the normal scores so do you have any more information? MVV has named the specific scores used by virtually all mortgage lenders.

There are a bunch of "consumer" scores as you call them. Can you be more specific which ones you mean? I see you said EQ was through their monitoring. Auto scores are likely to be Auto Enhanced FICOs but could be others. Do you have info on them. Even score range on the scores would help.

[Anonymous]

Equifax Beacon 5

Experian Fair Issac 2

Transunion Risk Score Classic 04

[GregB]

---

@Anonymous wrote:

Equifax Beacon 5

Experian Fair Issac 2

Transunion Risk Score Classic 04

---

Those are the normal mortgage scores.

Equifax Beacon 5 - Exactly the EQ score you get here

Experian Fair Issac 2 - Exactly the EX score you could get here until whatever disagreements stopped that

Transunion Risk Score Classic 04 - One version later than the TU Risk Score Classic 98 that you get here

So those are exactly what your most "real" FICO scores are.

I would say that you were fooled by a score from EQ that is not used by any lender for anything.

The Auto loan scores pulled could be Automotive scores or could be Auto Industry versions of FICO scores. We could tell more if you have the score range from the report.

So the good news is that you now know what your "real" scores are for a mortgage. It would be very unusual for any mortgage lender to use other scores since FHA, VA, Fannie, and Freddie require certain versions if they are involved, or will be involved, with the loan.

ETA: The bank isn't doing anything weird with scores but I don't quite understand why your middle score would mean they can't get mortgage insurance. Someone else will have to help with that part as it is not my area.

[AndySoCal]

The Mortgage score is FICO score product.