Myfico list of derogatories different than lender pulled CR

[Anonymous]

I have been using myfico since December 08.  Being able to see my reports, scores, and the items that are positively and negatively affecting my scores has been a huge help.  I've seen score improvement of 54 points on Equifax and 114 points on TransUnion. 

Our mortgage lender pulled our reports and was surprised that I knew the scores for EQ and TU.  (Sharp cookie here!)  What surprised me was the four negative impacts listed for my score (DH had same pattern).

#1 Public record

#2 Consumer Finance Company

#3 Length of time Accounts have been established

#4 Too many inquiries.

#2 on my list (second most derogatory) is "Too many consumer finance company accounts."

Why doesn't this come up on myfico's EQ?  I pulled it the same day as the mortgage lender & again a few days later.  On both occasions it lists:

#1. Public record

#2. Short credit history (oldest = 28 yrs.; AAofA = 8 yrs)

#3. Recently been looking for credit (2 inquiries)

I understand that it may only give me 3 of the 4 (I believe there are always 4 negative codes when you're officially pulled).  But why does it skip my second highest and give me the 3rd & 4th?  This confuses me because "Too Many Consumer Finance Company Accounts" never comes up for me on myfico - but it shows up for both EQ & TU on the official pulls.

Does myfico simply not list this specific derogatory - or do they only list certain ones?

[RobertEG]

Of the four items you list, only one is a true derogatory.  The public record.

The other three are merely suggestions made as to things that may be influencing a lower scoring by the FICO algorithm. 

I doubt seriously that a lender is giving them much, if any, separate weight in making their decision.

I would not lose any sleep over the comments made as an adjunct to your commercial credit report. 

[Anonymous]

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@RobertEG wrote:

I doubt seriously that a lender is giving them much, if any, separate weight in making their decision.  I would not lose any sleep over the comments made as an adjunct to your commercial credit report. 

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Thanks for your kind response Robert - I slept great!

I'm not too worried about the lender.  He's pretty happy with our reports - especially considering where we've come from and the timing.  (Still less than 6 months coming out of CH13).  Our mortgage guy thinks they're grand and that we'll be in even better shape in another six months.

I like to use the comments I receive when I pull up myfico to help me finetune my credit report and move my scores upward.  It's one of my favorite tools.  So I'm interested to know if myfico does not list this specific derogatory - or if they only list certain ones?  I believe there's about 33 credit score codes used in the Classic Fico models.  You used to be able to buy your 4 codes from each of the 3 CRA's here, at myfico.com/12 but that doesn't seem to be available anymore. 

[Anonymous]

Wow! I pulled myfico EQ yesterday and see a great new format.  Under #2 - Understanding Your Score - I Now see listed FOUR (count 'em - four!!!) credit score codes (and they're including the code numbers) indicating what's impacting my score.  WHAT'S NOT TO LOVE!!!

Now we are seeing the same four codes the lenders pull - THANK YOU my fico!!!!!

ETA:  This pull was made on myfico.com/12 - which is why it shows all four FICO Reason Codes.  So, there was no new format.  Myfico.com/12 is an affiliate website that links into myfico.com.  It took me awhile to figure out what was going on here - hence my very confusing post.  I do love seeing all four Reason Codes that the lenders see and I do pull from this site at least half of the time - the other half of the time I still pull from myfico.com (it has the simulator, which although vague and I'm-not-sure-how-accurate, can be fun to play with).

Message Edited by beamMEup on 11-08-2009 09:06 PM