Hello all! I am so confused. Recenlty I've had the itch to buy a home for my little family. I currenlty have a Wal Mart card and decided to check my score (since its free 
). It was 680. Then I contacted a Lender and applied for a loan. I was told that my score was a 630. My lender stated that I need to pay down my credit cards to 10% and I should get the boost in my credit score and I will get a better interest rate.
So I did. At this time I also signed up for Experian credit monitoring for 4.95/month. I received a credit score and it was 530!!!!
Why is there such a huge differance?
You are dealing with FAKO scores ( Experian CMS), Walmart score which is a TU FICO but one not used for mtgs and a tri-merge mortgage based credit score. Basically, different scoring models, mixed with non FICO scores is leading to your confusion.
I will assume your mortgage broker said your mid score is 630, which means the other two scores were higher and lower. You should ask him for a copy of the credit report to verify. The best way to help with your score (assuming no baddies) is to work on your util. Get it under 10% and allow only 1 cc to report a balance
@Anonymous wrote:Hello all! I am so confused. Recenlty I've had the itch to buy a home for my little family. I currenlty have a Wal Mart card and decided to check my score (since its free
So I did. At this time I also signed up for Experian credit monitoring for 4.95/month. I received a credit score and it was 530!!!!
Why is there such a huge differance?
The scores I check NEVER match the numbers the lenders pull. Not once so far.
When I applied for my statefarm card they were about 40 points lower than what I was seeing on my FICO when I checked it.
Ive stopped using credit scores for anything more than just making sure nothing suspicious is up because they cant be relied on as far as you pulling your own score and then having a lender see that same score.
@mrgoattoo wrote:
@Anonymous wrote:Hello all! I am so confused. Recenlty I've had the itch to buy a home for my little family. I currenlty have a Wal Mart card and decided to check my score (since its free
So I did. At this time I also signed up for Experian credit monitoring for 4.95/month. I received a credit score and it was 530!!!!
Why is there such a huge differance?
The scores I check NEVER match the numbers the lenders pull. Not once so far.
When I applied for my statefarm card they were about 40 points lower than what I was seeing on my FICO when I checked it.
Ive stopped using credit scores for anything more than just making sure nothing suspicious is up because they cant be relied on as far as you pulling your own score and then having a lender see that same score.
Credit card approvals are all over the map. The only thing that we have which is consistent today is the EQ score here is the same on a mortgage tri-merge... as is a score provided by a CU in PA if you happen to live there, but beyond that all bets are off as you state.
It's an unfortunate situation which isn't in the consumers best interests butI see it's getting worse in the near future rather than better.
