Myfico.com scores so different from the 3 bureau scores

[Anonymous]

Why is that?

Here I have EQ 634, TU 579, and EX 580.

On the EQ site I have a 678 FICO score, on the TU site I have a whopping 702, and on the EX site I have 606.

This is THE most utterly confusing system I have ever seen.

What gives? And how am I supposed to know when I can buy a home with all this disparity?

Thanks,

happygal

[Middleswarth]

All scores, whether fico or fako, are just a reflection of what is on your reports.  You have to look at each report and correct the issues on each.  Keep in mind that not every creditor reports on all 3.  TU may have things listed that EQ does not (and vice versa).  

Look at each one carefully and you will find the answer to why the scores are so different. 

[Middleswarth]

Also, with scores hovering around 600 or below, you no doubt have a few baddies to correct.  Head over to the rebuilding forum and list everything.  The helpful folks there will assist you in getting things fixed so you can purchase your house.  

Be patient, it takes time.  Good luck.

[Anonymous]

The scores from Ex and Tu are fako and don't really mean anything its just the algorithm they use to produce a score. Lenders do not use these scores so you don't need to worry about them. The only fico that EQ provides is the score power which is an older 04 version than the 08 you'll find here at myFico. This score is still useful to you though because that's what mortgage lenders will use.

[Anonymous]

Thanks, guys.

So all I need concern myself with are the scores posted here?

[Revelate]

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@Anonymous wrote:

Thanks, guys.

So all I need concern myself with are the scores posted here?

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Focus on the report data itself: if you pulled the reports from here, look through them to find the accounts which are hurting your score (collections, credit cards with big red marks on the tradeline, etc).  

After that, start trying to clean it up.  As another poster suggested, there's tons of information in the Rebuilding forum on addressing derogatories on one's report.

The scores here are useful for a lot of things and are legitimate FICO scores; however, they fail on mortgage qualification because the vast majority of lenders do not use them.  The ones here are all FICO 8 (released roughly 2008) whereas the common mortgage scores, and certainly all conventional ones, are from 2004, 2004, 1998 for EQ, TU, EX respectively.

[Anonymous]

Thank you, Revelate.

I have already gone thru the rebuilding process and this is what I am left with. Just need to clear up some incorrect name spellings and then will be finisihed. So I really needed to know which set of scores to trust when it came time to qualify for a home loan, and from what I can tell none of them can really be trusted.

All that's left then is to have a lender pull them and see where I stand? 

[Revelate]

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@Anonymous wrote:

Thank you, Revelate.

I have already gone thru the rebuilding process and this is what I am left with. Just need to clear up some incorrect name spellings and then will be finisihed. So I really needed to know which set of scores to trust when it came time to qualify for a home loan, and from what I can tell none of them can really be trusted.

All that's left then is to have a lender pull them and see where I stand? 

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You can still get a convential mortgage score from the following which would provide the best estimate:

Equifax Scorepower: instant-in-time EQ Beacon 5.0

DCU membership: open to anyone with 20-25 donation to some cause, monthly EQ Beacon 5.0

PSECU membership: open only to PA residents, monthly EX Risk Model v2 last we heard.

Personally I plan to just toss a mortgage app in someday to see where I stand well in advance (6+ and ideally 12 months before I plan to really take the shot) of my real mortgage application.  Besides the estimate, it isn't a terrible idea as there are some JDB's and similar which track certain changes, and a set of mortgage inquiries showing up on the report gets them to come out of the woodwork, so I have time to address them before it really counts.

[Anonymous]

Thanks...I will certainly check these out.

I will be trying for a USDA 100% loan that requires at least a 640 on two of the three scores. So this is why I am so concerned about the disparity. I need to know which ones to trust once they reach 640 and beyond. Looking at some of these I already qualify but myfico.com has me well below 640 on two scores and almost there on one....EQ.

Thanks,

happygal

[Anonymous]

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.jpg

Thanks again,

happygal