TU Score Nightmare defies logic????

[Anonymous]

I have been trying to buy a house since Feb.  I was 6 pts away from qualifying at that time and my TU score was the highest of the 3.  At the time my bureau was reporting 3 credit cards over the limit, 1 past due and 2 closed accounts so I decided to pay off the 3 over limits and of course made payments on time and reopened 1 of the closed accounts.  I reapplied for a mortgage last week and to my complete dismay...my TU score dropped 48 points!!!!!!!!!!!!!!!!!  There is NO new negative information, all accounts are accurately reporting and are identical with all 3 bureaus and 3 are at a 0 balance.  My scores improved 14 Pts with EX and 2 Pts with EQ.  Now I do not qualify at all!!!!!  Please help!!   

[medicgrrl]

Were both TU scores given to you by your mortgage lender?  You have 1 cc reporting a small balance?

[Anonymous]

Yes, both scores given by lender.  Was the fico score.  The balance on the one card was $3114 in Feb and is now $2657, so it went down and the others are reporting 0.  I have a copy of my Feb report and the July report and there are NO other differences other than what I stated???? 

[medicgrrl]

What negative items do you have on your report?  I have had score drops due to a CO updating and also a CA updated to show 120 days past due.  Have any of the reporting dates updated on your baddies?

[Anonymous]

The ONLY negative items were there in Feb and again, NO new info except for 0 balances or lower balances.  I have compared line by line and that is it!!  That is why I am baffled and beyond upset! 

What are my options??  there is nothing to dispute since nothing is reported incorrectly???? 

[llecs]

Welcome to the forums...sorry it had to be for this.

Couple of questions:

Was the score pulled in February and the score pulled now from the exact same lender? Can you verify that it is the same formula? I ask because per TU, there are two, nearly-equally used FICO formulas used by lenders. One is TU 98 and the other TU04. To confuse things, there's also TU08. Not every lender uses the same formula and lenders are switching all the time to TU04. It would be worth comparing on the docs the lender provided for you.

Medicgrrl hinted at your baddies. I know you looked line-by-line, but look at the dates within those baddies. If the reported date or DOLA date changed from February's CR to now, your score can possibly drop by that much.

Look at the CCs reporting $0. Make sure the TL is still listed as "open". A closed CC removes itself from utilization and that would cause your % to increase and your score to drop.

I'd pay that one CC with a balance down below 9% to get more points.

[Anonymous]

Ok, this is going from BAD to WORSE!!  The mortgage company is the same, the credit agency they used is the same and now on top of everything thing else they pulled another report and it has went down AGAIN!!!!!!!!!  We did pay the balance on the Bank of America card from $3117 to $351, that just updated today, however the score went down with Equifax from 614 to 589, and it went up from 628 to 659 with Experian.  TU is the same because they haven't updated anything yet. 

When I say nightmare it is beyond comprehension.  We are supposed to close the loan in 3 wks, the mortgage company has approved me pending this score because they do not understand it either. 

The original report was as follows in Feb:

TU:  616, EX: 614, EQ:  587 

All accounts were over limit, 2 were closed, 1 was 120 days past due and $4887 Total Revolving.

TODAY:

TU: 572, EX: 659, EQ: 589

Now ALL accounts have been on time, 3 are at 0 Balance and Bank of America CC is @ $351. 

PLEASE help me understand??  We did the Fico Simulator, I am paying all the different monitoring companies, I don't know what to do or how to find out what is going on?

[Anonymous]

I stand corrected, Equifax went from 587 to 571!!!!!!!!!!!!!!!!!!!!!!!!!

[llecs]

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rnk wrote:

TODAY:

TU: 572, EX: 659, EQ: 589

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You pulled new scores today. Where did you pull them from?

[Anonymous]

The same mortgage company pulled the credit.  Is there ANY one to talk to that may can shed some light on the Fico scoring model?  Also, the inquiries are hurting us because the mortgage company is pulling the credit, at least according to the file that is what they have said.