Totally confused about FICO ... please help

[ariannasmommy]

Okay, so a year and a half ago, I applied for the USDA Rural Development Direct Loan.   I was denied, they sent me a copy of the report and my scores.  Now, I've cleaned up my credit significantly.  I know my Vantage score (yes, I know it's a FAKO score) is 661.  When I previously applied, they pulled my FICO Risk score, classic (04), my Ex Fair Isaac (v2) score and my Eq Fair Isaac (v2) score.  If I purchase my FICO here at myfico.com, will it at least be in the same range as the 3 I mentioned above?  I'm soo incredibly confused!  All last year I paid for these stupid FAKO scores, and until last month I thought they were accurate, until I came here and realized I just wasted my money for a year!  

[Guava]

I'm sorry to say that FAKO scores can't be correlated to FICO. your FICO may or may not be in the same range, you don't know for sure until you see them; they weigh each part of your credit profile differently. Any trend (increasing/decreasing/standing pat) overtime on FAKO also is not indication that your FICO would have the same trend.

[llecs]

Ditto. Never correlate the two, especially with Vantage. Vantage ranges from 501-990 vs. FICO's 300-850. And Vantage excludes AUs, which can throw the score off. They also factor in stuff that FICO does not and vice-versa.

Double check your EQ...it should say Beacon 5.0.

You can't buy your EX FICO. The EQ FICO would match if it does say Beacon 5.0 on your lender's report. Your TU FICO will likely not match as this site offers an older version. 

[ariannasmommy]

I know not to compare the Vantage FAKO score to the FICO, my question was would the EQ FICO be close to what the USDA is going to pull on me.  I pulled my EQ FICO, it's 610, so obviously I can't re-apply yet.  :-(  There's nothing left for me to do at this point but wait it out and continue to pay my one CC on time.  Waiting stinks!

[llecs]

YMMV on the lender of course, but almost all lenders pull a Beacon 5.0 for the EQ FICO. MyFICO.com offers the same exact score. It's a winning bet it'll match.

[ariannasmommy]

Well Equifax is my best report, so I'd assume it's probably my best score as well, which isn't good.  I did, however, subscribe to score watch (doing the free trial right now) which brought something I had overlooked to my attention.  I had an old account with a CC comp, they sold the acct to Pressler & Pressler who sued me back in 2009.  I had moved from NJ to Pa a few years back and I never got the paperwork, never even knew I had a judgement on me.  I managed to do a PFD type deal and got them to petition the court to vacate the judgement without prejudice and in return gave them payment in full in Feb 2011.  The OC is reporting that I had a 90 days late in Feb 2011, March 2011 and April 2011, making it appear that my last "oopsy" was only 11 months ago.   Mind you, I hadn't made any payments on this account since Feb 2006 and the account was charged off in Oct 2006, then sold to a collection agency in Nov 2006.  So I've disputed it with the CRAs as I have proof of payment to Pressler and Pressler, as well as court documents that prove the debt was PIF on 2/17/11 so it would be impossible to have been 90 days late in March and April 2011.  So I'm assuming once (if) that is fixed it will lift my score just a little bit at least, being that it's the most recent "oopsy" on there.  All my other "oopsies" go back to early 2006.  There isn't really much else I can do other than give it some time and continue to pay my bills on time.  

[Revelate]

Ah sadly, there's not always a correlation between best report and highest score.  My Equifax report is orders of magnitude better than either my TU or EX from an underwriting perspective, but it's consistently lower whenever I get a FICO score.  I suspect that'll change when my thin-file status finally goes away, but like you there's not a whole lot I can do to further improve my report beyond paying on-time and waiting for the derogatories (which I unequivocably earned) to fall off.

Though do check out the Rebuilding forum, there's always Goodwill letters to write which I'll probably turn to for my one paid collection and perhaps I'll get lucky.

[ariannasmommy]

I assume that my EQ is the best score simply because none of the collection accounts have made it to that one.  Well, a few did but I managed to get them deleted by disputing them, since almost all my old creditors added about 3 extra payments they claim I sent in mid 2006, but I am anal about keeping records and I know the last payment I sent anyone was Feb 2006 (tax refund time, the only time I would send anyone a large sum of money, simply because it's the only time I HAVE extra money, lol). 

My EX has 3 collections on it, one is a mistake from the hospital, who has agreed to remove it.  The other 2 are from 2 different bottom feeder old debt buyers.  I keep praying that by some miracle, I'll pull my report and they'll disappear!!  No such luck yet, lol! 

I did a boat load of research last night on the USDA loan.  I even read through their credit screening and underwriting guidelines.  Apparently, there is no minimum score to be approved.  Having a score above 640 will mainstream you so they won't go through your credit report.  Anything below, and they don't want to see any judgements, no foreclosures in the last 36 months, no charge offs in the last 24 months, no collections without payment arrangements.  They do however take things into consideration and I've read several stories about people who have written letters to explain the circumstances that led to the issue.  I only have the 3 collections, and 2 are very old and beyond SOL, which is what they are looking for, obviously they don't want anyone else to be able to put a lien on your home.  Makes sense.  So I'm going to clean up the hospital issue and write a letter and just apply.  Our circumstances are becoming such that if we don't buy a house within the next 6 months, we will have to move and rent another place and I'm just not up for that.  Hopefully with explanation and lots of prayers, we will be okay!