@Anonymous wrote:Equifax Scorepower: instant-in-time EQ Beacon 5.0
I believe this is what I paid for already at 15.95 just a few days ago. My EQ FICO score is 678 while here it is 634. A big difference that makes all the difference to the loan I want to qualify for.
And I had wanted to be able to purchase by the end of this year. It is incredibly frustrating,,,this system. Even my friends in other countries don't understand the complexities of our home loan process and I can't say I blame them.
http://s29.postimg.org/ccsgehf6f/141013_0001.jpgThanks again,
happygal
Well admittedly I think we're about the only ones with the concept of a 30 year mortgage and that length of time and arguable benefits creates a different lending environment.
Still sucks, but it's what we have.
On the plus side it does look like you're over the hurdle on the Equifax score: If the data on your EX and TU reports are the same (positives and negatives), I'd simply clean up my reported balances if you have not done so already, figuring my TU score will be at least 640, and put the application in.
@noobafterbk wrote:
still doesnt answer the question. the scores reflect whats on your credit file i would guess that each cra would use the information they have and are obviously reporting and so there score should be the right one? so myfico comes along and uses the same info puts it in there system and historically the same info processed by myfico drops the scores (see thousands of confirms that fako are always higher than fico) . corporations then use fico to judge apr rates and loan repayments. the lower scores allow corps to charge higher interest rates and control credit markets?? or am i just too cynical??
You will also find thousands that have FICO's higher than FAKO's: I'm one of them. There's no correlation between FICO and FAKO scores, none, zip, zero.
The bureaus sell educational (read: FAKO) scores because they don't have to pay a licensing fee to FICO, and therefore it's more profitable for them to do so. That's the only reason, money, and unfortunately I'm not being cynical on that point. No lenders use said educational scores though, and as such they should be zealously ignored. It doesn't need to be more complex than that.
Beyond that the lenders will do what they wish and there's 50+ FICO scores alone (when looked at across all three bureaus) which they can purchase and 6 competing Vantage Scores they might be using as well. End of the day the data on the report matters: put enough lipstick on your report (or in my case pig) and it'll be kissable anyway when it comes to any scoring algorithm.
