@MidnightVoice wrote:So it is not as bad as I thought, but here we go;
Equifax Beacon 5 803 MyFico 836
Experian Fair Isaac V2 785 MyFico 831
Transunion FICO Classic 4 759 MyFico 819
So the Bank averages out at 772 and MyFico averages out at 829, so the difference is only 57.
Another intersting thing I found (I am WAAAAAY out of touch!) was the score range of the USBank models:
Equifax Beacon 5 334-818
Experian Fair Isaac V2 320-844
Transunion FICO Classic 4 309-839
Still means that Credit Karma is a better guide to my score than MyFico. They say my TU score is 774
That's why they say YMMV. The true FICO score, even 08, is a guide for the movement on your mortgage score. Knowing that most lenders require a score above 740 for the best mortgage rate and that more conservative lenders require a score above 760 gives you the breathing room you need. Lenders who pull three scores, use your middle score to determine your rate. Thus they used your middle score of 785.
I've seen about a 50-80 pt difference between the 08 score used here and the mortgage scores. A few people are exact, but it's rare. The score is very useful toward credit cards and vehicles and the simulator is very useful in determining what you need to do to increase your score.
If you go to the mortgage section or do a search with mortgage you'll find plenty of people who'll advise you that the score used here is not the mortgage score, but since we don't take out mortgages as often as we open credit accounts or car loans, it's probably helpful to over 85% of the people who use the score and it gives everyone a better idea than shooting in the dark.
Credit Karma is good, but it's inaccurate in terms of how decisions will affect my score. I believe the scores on here lead you to believe that you had excellent credit and would be able to obtain the best interest rate.
With your score, you should also make sure they give you the best rate without charging for points. If someone won't give you that rate, let them know you're willing to contact use someone else. Research on the web and get the best rate. Use quotes from zillow to get a clue as to what rates are available without having everyone pull your score.
I guess being here gives you knowledge and assurance in a game that's always been on the lender's side. We are no longer in the dark so we know we can do better if they try to play us.