@Anonymous wrote:I just purchased the $29.99 fico package, the scores came up and MAGIC they are pretty high! When I click into them it says "Scores most mortgage lenders use" Which is 8.0. I get excited because the lower scores are listed as "Older". No such luck, I contacted mortgage companies and looked online to find out NOBODY USES THESE SCORES. So what is the point of showing them and falsely saying that this is the most commonly used score when on a seperate myfico forum it says they are not used? My score is 100 points lower with the "Old" scores and I went from getting a mortgage to not coming close. Thanks Myfico.
When you talked with the mortgage companies, did they identify what the scoring tool is that they do use? Which mortgage companies did you contact?
There is a wide range of scores provided in the MyFICO package you bought.
And as to personal information, we are all anonymous here, at the end of the day. Posting the names of cards you have, limits, balances, information about what is in your credit profile isn't to include any really personally identifiabie information. Without the understanding of what is in your file, however, the posters here (who know quite a lot about how credit works) can't really give you any advice beyond the basic "always pay on time" platitudes.
@Anonymous wrote:Thank you Tufa,
Apparently not the smartest bunch of people replying on here. No I don't blame Myfico for not getting a mortgage. I blame myfico for listing on my dashboard 3 different credit bureu's scores and not one of them is close to anything a lender looks at. The point of this service is so one knows where their credit is so they can decide if they want to risk a hard inquiry and be approved for a loan or if they need to spend more time working on their credit. So, when I pop open my Myfico and the scores are 100 points off from what any lender will look at it is pointless. Why do I need to pay them 29.99 a month for fake scores when I can get that from Credit Karma for free?
Also, they list this higher, greater score as the most commonly used score, when you look it up there is not any lender (that I can find) that even uses these scores. I don't know why you all are questioning me, there is an article in the wall street journal asking the same question as my, why does Myfico list these scores as your main score when no lenders even look at them?
There are even stories of class action lawsuits because of the wording MYfico uses on the "8" report because people took Myfico's word that those were the most commonly used scores and damaged their credit by getting numerous lenders to pull reports to try and find out why the scores weren't matching.
On top of that, Myfico is now selling their services to companies like Discover card and Discover now gives you your "Myfico Score" based off of the algorythym that nobody uses so it is passing on a fake sense of credit worthiness to people with credit cards.
No need for anyone to reply, I understand the type of people I am working with on here. Thanks anyway, but seriously if anyone knows a lender that actually uses this "most commonly used score" that would help me a lot. Thanks!
Great way to win friends.
The FICO 8 score you are referring to is used by credit card companies. When I get my Discover and Slate reports of two different buereaus, they match each month to the Alert scores I get from MyFICO. When I get a hard pull on a credit card app over the last year, that bureau MyFICO alerted score is the same as the FICO score I get from the Reasons Letter they send me.
It is commonly known here that mortgage scores are different. Three posts in, you may not realize that yet.
You didn't follow the directions and look deeper into your provided list of FICO scores here, and didn't answer my question of who you talked to and what scores they DID say they used.