My Fico Score

[Anonymous]

Lenders are telling me that what I see on myFICO score is not what they see?  Is that true?

[Revelate]

---

@Anonymous wrote:

Lenders are telling me that what I see on myFICO score is not what they see?  Is that true?

---

It can be, sadly it depends.

There's something on the order of 50 FICO versions available for sale, and an individual lender can pick any one of these though there's roughly 18 or so in regular use by my estimation, though unfortunately there's only 7 of those which are available at all to consumers, anywhere.  The odds of their matching are against us unfortunately.

As a result, the scores you get here at myFICO, while likely the best consumer benchmark available for credit cards (least from the big issuers), aren't appropriate for other things such as mortgages, and there's no guaruntee outside of the mortgage market (and even that's not a guaruntee, it's just really really likely you're going to get 3 specific scores, none of which are sold at myFICO) as to what you're going to get.

I view the whole thing as unfortunate, hopefully it'll get better as the years pass but I'm not holding my breath.

[Anonymous]

Thank you for your honesty.  It's unfortunate that the consumer is in the dark. 

[Anonymous]

It really is unfortunate. I had my credit pulled today by a lender, and it was 40 points lower than what is listed here. It's so frustrating and disappointing. 

[bdhu2001]

---

@Anonymous wrote:

It really is unfortunate. I had my credit pulled today by a lender, and it was 40 points lower than what is listed here. It's so frustrating and disappointing. 

---

Can I ask what type of lender pulled your credit? 

[techiegirl]

I pulled myfico this weekend and it was 782/792/783.  I pulled the equifax score power (which I was told is the same model mortgage lenders use) came in at 737.  I was surprised at the 50 point difference.

[bdhu2001]

---

@techiegirl wrote:

I pulled myfico this weekend and it was 782/792/783.  I pulled the equifax score power (which I was told is the same model mortgage lenders use) came in at 737.  I was surprised at the 50 point difference.

---

That's actually not that bad.  Are you trying to get a mortgage?  If you are, know that to get the best interest rate from most mortgage companies, you need a middle score of 740+.  It should be easy for you to make up 10-15 pts.  Have you played around with the simulator for all three CBA models to see what scenarios are your best option? Even if the score provided here is closed to what the FICO bankcard people use, it doesn't change that the simulator is advising you on how to improve your score.

When are you planning on buying and do you already have your down payment and house in mind?  If so, try to pay off all, but one of your credit cards and keep the remaining card below 25%.  It's better if you can keep it below 10%, but anything below 25% is only a slight increase in score.

It looks like if you're in a position to buy right now, you can.  You just need to find the house.  Good luck on your house shopping journey.

[techiegirl]

---

@bdhu2001 wrote:

---

@techiegirl wrote:

I pulled myfico this weekend and it was 782/792/783.  I pulled the equifax score power (which I was told is the same model mortgage lenders use) came in at 737.  I was surprised at the 50 point difference.

---

That's actually not that bad.  Are you trying to get a mortgage?  If you are, know that to get the best interest rate from most mortgage companies, you need a middle score of 740+.  It should be easy for you to make up 10-15 pts.  Have you played around with the simulator for all three CBA models to see what scenarios are your best option? Even if the score provided here is closed to what the FICO bankcard people use, it doesn't change that the simulator is advising you on how to improve your score.

When are you planning on buying and do you already have your down payment and house in mind?  If so, try to pay off all, but one of your credit cards and keep the remaining card below 25%.  It's better if you can keep it below 10%, but anything below 25% is only a slight increase in score.

It looks like if you're in a position to buy right now, you can.  You just need to find the house.  Good luck on your house shopping journey.

---

I am trying to refinance. That's why I've been concerned about various FICO scores. FWIW the lender pulled my CR yesterday and the Equifax score from the lender was the same as score power. Luckily, that was my lowest score.  My middle score and DH's middle score are both above 740.

[bdhu2001]

---

@techiegirl wrote:

---

@bdhu2001 wrote:

---

@techiegirl wrote:

I pulled myfico this weekend and it was 782/792/783.  I pulled the equifax score power (which I was told is the same model mortgage lenders use) came in at 737.  I was surprised at the 50 point difference.

---

That's actually not that bad.  Are you trying to get a mortgage?  If you are, know that to get the best interest rate from most mortgage companies, you need a middle score of 740+.  It should be easy for you to make up 10-15 pts.  Have you played around with the simulator for all three CBA models to see what scenarios are your best option? Even if the score provided here is closed to what the FICO bankcard people use, it doesn't change that the simulator is advising you on how to improve your score.

When are you planning on buying and do you already have your down payment and house in mind?  If so, try to pay off all, but one of your credit cards and keep the remaining card below 25%.  It's better if you can keep it below 10%, but anything below 25% is only a slight increase in score.

It looks like if you're in a position to buy right now, you can.  You just need to find the house.  Good luck on your house shopping journey.

---

I am trying to refinance. That's why I've been concerned about various FICO scores. FWIW the lender pulled my CR yesterday and the Equifax score from the lender was the same as score power. Luckily, that was my lowest score.  My middle score and DH's middle score are both above 740.

---

Great.  Are you moving forward with the re-finance & have you locked in a rate? What are your next steps?

[fungoman]

---

@techiegirl wrote:

---

@bdhu2001 wrote:

---

@techiegirl wrote:

I pulled myfico this weekend and it was 782/792/783.  I pulled the equifax score power (which I was told is the same model mortgage lenders use) came in at 737.  I was surprised at the 50 point difference.

---

That's actually not that bad.  Are you trying to get a mortgage?  If you are, know that to get the best interest rate from most mortgage companies, you need a middle score of 740+.  It should be easy for you to make up 10-15 pts.  Have you played around with the simulator for all three CBA models to see what scenarios are your best option? Even if the score provided here is closed to what the FICO bankcard people use, it doesn't change that the simulator is advising you on how to improve your score.

When are you planning on buying and do you already have your down payment and house in mind?  If so, try to pay off all, but one of your credit cards and keep the remaining card below 25%.  It's better if you can keep it below 10%, but anything below 25% is only a slight increase in score.

It looks like if you're in a position to buy right now, you can.  You just need to find the house.  Good luck on your house shopping journey.

---

I am trying to refinance. That's why I've been concerned about various FICO scores. FWIW the lender pulled my CR yesterday and the Equifax score from the lender was the same as score power. Luckily, that was my lowest score.  My middle score and DH's middle score are both above 740.

---

I have isolated my Eq 04 (score power) to myFico Eq 08 to my DW account that I am an AU on. The account age and balance (my DW's only balance on a card) is dropping my score almost 30 points from myFico and Eq Scorepower (Scorepower Lower since it counts that account). Luckily its a 771 vs an 798, so it really doesnt matter.