acurracy

[Anonymous]

Hi. I've been cleaning up my credit. I was just really concerned about the accuracy of the myfico score. That is compared to what a bank or other lending establishments have access to. My reasoning is that I am looking to purchase a house and don't want to apply for a loan and be rudely surprised. If anyone could give a little insight that would be great.

[Revelate]

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@Anonymous wrote:
Hi. I've been cleaning up my credit. I was just really concerned about the accuracy of the myfico score. That is compared to what a bank or other lending establishments have access to. My reasoning is that I am looking to purchase a house and don't want to apply for a loan and be rudely surprised. If anyone could give a little insight that would be great.

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Unfortunately the currently available scores from myFICO will not match the majority of mortgage lenders' tri-merge reports.  This is a recent change and as such information prior to this should be ignored.

That said, the scores here are likely about as good as it gets on short notice to prevent rude surprises, but are unlikely to exactly match (would be coincidence if they do or the lender would be using alternative scores from the commonly set standards of the GSE's).

[Anonymous]

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@Anonymous wrote:
Hi. I've been cleaning up my credit. I was just really concerned about the accuracy of the myfico score. That is compared to what a bank or other lending establishments have access to. My reasoning is that I am looking to purchase a house and don't want to apply for a loan and be rudely surprised. If anyone could give a little insight that would be great.

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The scores sold here use different scoring models than the mortgage business.  They are useful indicators but an exact score match should not be expected.

However, it's possible to avoid a "rude surprise" without using scores at all.  This can be done by acquainting yourself with the various factors used in scoring.

I am thinking in particular of areas like payment history and derogatories, utilization, new inquiries and accounts, dealing with AU issues, and so on.

For example, if I apply for a mortgage, and my reports show recent derogatories or maxed out cards, then I may indeed be rudely surprised, and it's my own fault for not having done my homework in advance, and either addressing these issues or postponing the application.

Another part of applying for a mortgage is optimizing scores in advance, to get the best rates, and this requires some knowledge of what makes up a score.

[Anonymous]

This doesnt make any sense, it states when purchasing this product, that 90% of mortgage lenders use the FICO score.  Why would this be any different than what a lender is using?

I just posted on the forum without seeing this thread, and the mortgage lender is 30 points lower than what MyFico show for me!!

[Anonymous]

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@Anonymous wrote:

This doesnt make any sense, it states when purchasing this product, that 90% of mortgage lenders use the FICO score.  Why would this be any different than what a lender is using?

I just posted on the forum without seeing this thread, and the mortgage lender is 30 points lower than what MyFico show for me!!

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It's been a while since I bought my score here, and I don't know what is currently stated.

I expect it's true that 90% or more of mortgage lenders do use FICO scores.  But since there's not a single "right" FICO score, then one has to go a bit deeper into things.

I believe that mortgage lenders use the 04 series of FICO scores, and the scores here are EX 08, EQ 08 (just changed from 04), and TU 98.

I'm not sure why these are the ones sold here, but I believe it has something to do with what the credit bureaus will allow MyFico to sell.

[RobertEG]

There is no such thing as A FICO score.

FICO produces dozens of different algorithms, some different releases, others tailored to the indiividual needs of their customers.

Mortgage and auto lendors are primary examples of markets that have their own slant on the impact of certain items on risk of consumer delinquency..

Each CRA also licenses its own version of the FICO algorithms.

FICO does not state that 90% of lenders use the same algorithms, only that they use a version of their algorithms.

Being produced by the same company, the basic logic is similar, and thus have some consistency between them.

Unfortunately, consumers are only able to purchase certain versions, and thus are unable to know in advance what a specific, for example, mortgage version will be.

[JLK93]

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@Anonymous wrote:

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@Anonymous wrote:

This doesnt make any sense, it states when purchasing this product, that 90% of mortgage lenders use the FICO score.  Why would this be any different than what a lender is using?

I just posted on the forum without seeing this thread, and the mortgage lender is 30 points lower than what MyFico show for me!!

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It's been a while since I bought my score here, and I don't know what is currently stated.

I expect it's true that 90% or more of mortgage lenders do use FICO scores.  But since there's not a single "right" FICO score, then one has to go a bit deeper into things.

I believe that mortgage lenders use the 04 series of FICO scores, and the scores here are EX 08, EQ 08 (just changed from 04), and TU 98.

I'm not sure why these are the ones sold here, but I believe it has something to do with what the credit bureaus will allow MyFico to sell.

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You can get your EQ 04 FICO score free monthly as a member of DCU. The Equifax website still sells EQ 04, but be careful they also sell FAKOs.