Question about TU and EQ and EX

[Anonymous]

The last time I checked my fico score was about 4 months ago. I keep getting a "fako" score of 785. I dont remember my FICO score.

between all 3 agencys:

1. Why does my FICO score differ?

2. Which agency will a potential lender check? (think mortgage)

3. Is there one agency that lenders check more often?

4. I assume we can ASK the lender what agency they check?

5. So I CAN have a DIFFERENT FICO score between all 3 agencys yes?

::sigh:::

Thanks,

[Lel]

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@Anonymous wrote:

The last time I checked my fico score was about 4 months ago. I keep getting a "fako" score of 785. I dont remember my FICO score.

between all 3 agencys:

1. Why does my FICO score differ?  Two major reasons: the formulas used to calculate the FICO score at each bureau differ slightly from each other, and the information contained at one bureau may differ from the other bureaus.  For example, I have an old auto loan that appears on only 2 out of 3 credit bureaus, and I have a credit card from a small regional department store that only appears on one credit report.

2. Which agency will a potential lender check? (think mortgage)  Almost all mortgage lenders check all 3.

3. Is there one agency that lenders check more often?  As mortgage lenders go, no.  They will check all 3.  With regard to auto lenders, last year my bank and the dealership pulled only Experian.

4. I assume we can ASK the lender what agency they check?  Yes, you can.

5. So I CAN have a DIFFERENT FICO score between all 3 agencys yes?  Yes.

::sigh:::

Thanks,

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[haulingthescoreup]

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@Anonymous wrote:

The last time I checked my fico score was about 4 months ago. I keep getting a "fako" score of 785. I dont remember my FICO score.

between all 3 agencys:

1. Why does my FICO score differ?

2. Which agency will a potential lender check? (think mortgage)

3. Is there one agency that lenders check more often?

4. I assume we can ASK the lender what agency they check?

5. So I CAN have a DIFFERENT FICO score between all 3 agencys yes?

::sigh:::

Thanks,

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1. Why does my FICO score differ?

You don't have "a" FICO score; you have three FICO scores, one for each CRA (credit reporting agency; credit bureau.) Nearly everyone who has had credit for a while has some differences between one report and another, so there's one reason for differences in FICO scores. The other is that each CRA has a slightly different FICO scoring formula, so even those with identical reports wind up with slightly different scores.

2. Which agency will a potential lender check? (think mortgage)

Lenders pull all three and use the middle score. And if you're applying with someone, they will pull all three from both of you and use the lower middle score for the two of you. This is critical to know about, because it involves getting at least two scores from both applicants up into decent territory. You can have wonderful scores, and your co-applicant has miserable scores, and if you need that person's income to qualify, your rate (and approval) will depend on their scores, not yours.

3. Is there one agency that lenders check more often?

It varies a lot, originally by geographic area, but now more by lender preference. When it comes to credit cards, you can read on the CC board about who-pulls-which. Cap One has an evil habit of pulling all three.

4. I assume we can ASK the lender what agency they check?

Sure. Whether they'll tell you or not is another story.

5. So I CAN have a DIFFERENT FICO score between all 3 agencys yes?

Absolutely. In fact, although I have very rarely seen two matching FICO scores, I have never ever seen all three match. And this is from back when we could pull our own Experian FICO score. Doesn't mean it doesn't happen, of course, but I sure haven't seen it yet.

Keep reading, keep reading! You don't have to memorize everything, but you'll start getting a feel for what's important for your particular situation.

eta: Well, I knew someone would out-type me!