MyFico vs Lender Score - Why the difference??

[Anonymous]

Yes my fault for not reading up on the other posts saying that it does'nt help pepple looking to but a house and if i would have known that i would have never have signed up they should warn people looking to buy a house not waste the time and money. If you are looking for a credit card then by all means sign up.

[HiLine]

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@Anonymous wrote:

Yes my fault for not reading up on the other posts saying that it does'nt help pepple looking to but a house and if i would have known that i would have never have signed up they should warn people looking to buy a house not waste the time and money. If you are looking for a credit card then by all means sign up.

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I don't blame you. Most people don't even know there are multiple FICO scores out there ...

[iv]

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@Anonymous wrote:
Scam? You get exactly what you agreed to pay for. There are thousands of threads here that tell you explicitly its not used in mortgages. Do research before you make a purchase to make sure the product is for you. 

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Yeah... anyone spending time in the forums knows this.

...but....

Anyone "doing their research" on the myFICO site?  They see these pages:

http://www.myfico.com/loancenter/mortgage/step1/getthescores.aspx

http://www.myfico.com/helpcenter/mortgages/buying_a_home.aspx

Which include the claim "Get the Score Lenders Use to Evaluate Your Home Mortgage Loan".

(That page is also currently the second Google hit for a search on fico mortgage)

So... potential purchasers need to know to come here to the forums, to be informed that the myFICO marketing claims are, at best, 6+ months out-of-date (the EQ04 to EQ8 change), and at worst, just knowingly false?

Really?

Because that is NOT getting what you paid for, not if you believed the "Get the Score Lenders Use to Evaluate Your Home Mortgage Loan" claim.

[Anonymous]

WOW  now that upsets me even more how can they say one Thing then give you  another what a RIP OFF .

[ABD]

Right, I thought I was getting the score that mortgage lenders would have. Today I got scores from a bank that pulled my scores to preapprove me and they were: 

676 EX

674 TU

564 EQ

But low and behold I just checked myFico and they are:

628 EX

590 TU

597 EQ

These were the same scores from 6 months ago....they don't update regularly.  I got suckered in...now I'm stuck for 3 months!

MYFICO IS A JOKE!

[HiLine]

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@iv wrote:

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@Anonymous wrote:
Scam? You get exactly what you agreed to pay for. There are thousands of threads here that tell you explicitly its not used in mortgages. Do research before you make a purchase to make sure the product is for you. 

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Yeah... anyone spending time in the forums knows this.

...but....

Anyone "doing their research" on the myFICO site?  They see these pages:

http://www.myfico.com/loancenter/mortgage/step1/getthescores.aspx

http://www.myfico.com/helpcenter/mortgages/buying_a_home.aspx

Which include the claim "Get the Score Lenders Use to Evaluate Your Home Mortgage Loan".

(That page is also currently the second Google hit for a search on fico mortgage)

So... potential purchasers need to know to come here to the forums, to be informed that the myFICO marketing claims are, at best, 6+ months out-of-date (the EQ04 to EQ8 change), and at worst, just knowingly false?

Really?

Because that is NOT getting what you paid for, not if you believed the "Get the Score Lenders Use to Evaluate Your Home Mortgage Loan" claim.

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I guess if you read between the lines a bit more, you will notice that nowhere on the website is it mentioned that the scores you can buy from MyFICO are the scores that mortgage lenders use. So in other words, the following are true:

1. FICO scores are used my mortgage lenders

2. MyFICO offers FICO scores

However, the following are also true:

3. There are multiple FICO scores, and

4. MyFICO does not offer the FICO scores that mortgage lenders use

[Anonymous]

These scores don't take into account your DTI ( Debt to Income Ratio)   When a lender pulls your score, DTI is factored in.   If your DTI is low, then your scores will be higher, but if your DTI is high, it will negatively impact your score.   Your debt to income ratio is based on your debt i.e. car payment, mortgage/rent, student loans maybe, I can't remember everything that's included compared to your income.     I don't think necessarily think myfico is a scam, it's better than nothing.   Debt to income ratio is just something to keep in mind when reviewing your score.   Hope this helps.  

[HiLine]

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@Anonymous wrote:

These scores don't take into account your DTI ( Debt to Income Ratio)   When a lender pulls your score, DTI is factored in.   If your DTI is low, then your scores will be higher, but if your DTI is high, it will negatively impact your score.   Your debt to income ratio is based on your debt i.e. car payment, mortgage/rent, student loans maybe, I can't remember everything that's included compared to your income.     I don't think necessarily think myfico is a scam, it's better than nothing.   Debt to income ratio is just something to keep in mind when reviewing your score.   Hope this helps.  

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I don't know what kind of scores you are saying that lenders pull, but I'm 100% sure they are not credit scores. Credit scores do not take income into account. Income and anything related to income are a completely separate set of metrics that lenders use to determine the outcome of your credit application.

[Anonymous]

On July 10, 2012 it was announced that a new Fico Mortgage Scoring Model would be used for mortgages. This was developed after the mortgage mess blew up. This scoring model was developed by Fico and Corelogic I believe. It shows things that the traditional scoring models don't see. I'm not sure if all banks use, but the bank I work for does. It's ONLY used for mortgages, and again, I don't know how many lenders use it. I should have stayed in my reply, that I was only speaking about the bank I work for, not all banks. Apologies for any confusion

[Anonymous]

If your bank is issuing Conventional loans..... I highly doubt they're NOT using the required Fannie/Freddie Ex98 Eq04 Tu04 scores. Unless its a very small outfit and services their own loans. (Portfolio Lender)