My fico score does not match

[byron09]

I need help understanding my fico score.  I am trying to refinance but my mortgage company says my fico score is 611 when my fico says its 668 for experian... any I actually mean my fico score not the other FAKO scores.  Can anyone help me understand why there is such a big discrepancy and if there is anything i can do.

[p-]

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@byron09 wrote:

I need help understanding my fico score.  I am trying to refinance but my mortgage company says my fico score is 611 when my fico says its 668 for experian... any I actually mean my fico score not the other FAKO scores.  Can anyone help me understand why there is such a big discrepancy and if there is anything i can do.

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Odd.  Is this a mortgage broker or a bank?  Are they able to tell you what score model was used?  How far apart were the reports pulled?  

[byron09]

broker... northpointe bank.  I told him before he ran the scores if they base their scores out of the fico model and he said yes because those where the scores that i had checked

basically for experian which is in the middle, he says he sees a 611 and i see a 668

would they use a different model out of the fico score?

[p-]

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byron09 wrote:  would they use a different model out of the fico score?

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Not that I'm aware of, but someone else may chime in.  I know there are newer and older versions of the FICO scoring algorithm but that is a pretty big swing.  Have you pulled another copy of your report to see if something has been added recently?  Did you already use your free pull at annualcreditreport.com?

[byron09]

just pulled an other one... same score for the same credit reporting agendy from myfico...

can't win in this case since they may have an older version of fico algorithm that i cannot access for the benefiting of seeing if i qualify or not.

[llecs]

The EX FICO  from myFICO is the newest EX FICO version and not too many lenders use it yet. Than can explain most/all of the difference.

[Mondavi]

Unfortunately the EX Fico sold here is about as useful as the TU 98 sold here. Fun to look at your scores but very very few lenders use either model for a home mortgage.

While the TU 98 sold here will never amount to much at least hopefully the new EX Fico model here will someday will be the model  lenders to use.

[p-]

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@byron09 wrote:just pulled an other one... same score for the same credit reporting agendy from myfico...can't win in this case since they may have an older version of fico algorithm that i cannot access for the benefiting of seeing if i qualify or not.

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Wow, that really sucks.  It sounds to me like there might be one particular baddie weighing more heavily on the old model than it does on the new model.  What specific negative items to you have?  Maybe if you can figure out what the worst one is, you can get it fixed and raise the score.

[p-]

I wonder if anyone here can comment on the specific differences between the old and new experian fico.

[guiness56]

FICO 08 doesn't include collections and I believe PRs for 100 or less;  utilzation on 08 is scored harder for those with high balances.  At one time  AU accounts were not factored in but I think that has since changed.  And I think they are more lenient toward rare missed payments.