quicken 99 points different

[pumpkin1dog]

I started out with a eq score of 595 on 6-26 which is much lower than required for a mortgage, so I decided to really go to work on getting that score up to an acceptable level, and as of 7-11 my eq score shown on myfico is now a whopping 695 which is more than is needed to meet the minimum requirements so I give quicken a call to see what they can do for me. The tell me my TU score is 681, not bad and not surprising since a different mortgage lender had told me the same, but he said my eq score was still 595! He assured me that his score is correct. That is totally unacceptable, I checked again here today and my score is still 695. I've spent nearly 30 grand over the past month to raise my score and removed all negative items from report, got my credit to debt ratio down to 14%. I'm crushed, trying to get into a house and now this, my question is how could my score be 100 points different ? Could quicken be mistaken

[Revelate]

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@pumpkin1dog wrote:

I started out with a eq score of 595 on 6-26 which is much lower than required for a mortgage, so I decided to really go to work on getting that score up to an acceptable level, and as of 7-11 my eq score shown on myfico is now a whopping 695 which is more than is needed to meet the minimum requirements so I give quicken a call to see what they can do for me. The tell me my TU score is 681, not bad and not surprising since a different mortgage lender had told me the same, but he said my eq score was still 595! He assured me that his score is correct. That is totally unacceptable, I checked again here today and my score is still 695. I've spent nearly 30 grand over the past month to raise my score and removed all negative items from report, got my credit to debt ratio down to 14%. I'm crushed, trying to get into a house and now this, my question is how could my score be 100 points different ? Could quicken be mistaken

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Welcome to the forums!

The lender is always right in this instance.  It's unfortunate but the scores here aren't the ones commonly used on a mortgage, though I'm surprised by the disparity between your TU and EQ scores that Quicken pulled assuming they used the standard tri-merge report: is the data the same between both bureaus?

I'm assuming that you've been cleaning up the reports based on information found on the Rebuilding forum?  If not, check over there and see if some of the derogatories can be outright removed through various techniques.  

Also if you're willing to post details of what's in the credit file, we might be able to further pinpoint what probably is depressing your Equifax score so much, or at least suggest on what to focus on first.

[pumpkin1dog]

I'm just really angry and disappointed that my fico was no better than a total fako. I paid off a 17k car loan to get my dti down to the level it needed to be for a mortgage. Because according to "the score lenders use" I was well above the minimum. Well my fico was close if you call 109 points close. Eq fico here 705. Lenders eq fico 594. Thanks for providing me a fraudulent score myfako

[burghpa]

As I understand, paying off installment loan won't increase the score that much, rather having an installment loan will help. I think util we are talking about is revoling utilization.

I paid off $8K in revolving credit and i gained about 50 points. Now i have about $8k in auto loan, if I pay off that, my score will drop for sure, since i don't have any installment loan.

[bdhu2001]

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@Revelate wrote:

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@pumpkin1dog wrote:

I started out with a eq score of 595 on 6-26 which is much lower than required for a mortgage, so I decided to really go to work on getting that score up to an acceptable level, and as of 7-11 my eq score shown on myfico is now a whopping 695 which is more than is needed to meet the minimum requirements so I give quicken a call to see what they can do for me. The tell me my TU score is 681, not bad and not surprising since a different mortgage lender had told me the same, but he said my eq score was still 595! He assured me that his score is correct. That is totally unacceptable, I checked again here today and my score is still 695. I've spent nearly 30 grand over the past month to raise my score and removed all negative items from report, got my credit to debt ratio down to 14%. I'm crushed, trying to get into a house and now this, my question is how could my score be 100 points different ? Could quicken be mistaken

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Welcome to the forums!

The lender is always right in this instance.  It's unfortunate but the scores here aren't the ones commonly used on a mortgage, though I'm surprised by the disparity between your TU and EQ scores that Quicken pulled assuming they used the standard tri-merge report: is the data the same between both bureaus?

I'm assuming that you've been cleaning up the reports based on information found on the Rebuilding forum?  If not, check over there and see if some of the derogatories can be outright removed through various techniques.  

Also if you're willing to post details of what's in the credit file, we might be able to further pinpoint what probably is depressing your Equifax score so much, or at least suggest on what to focus on first.

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Although FICO 04 and FICO 08 are different, I'd also like to point out that my FICO 04 score tends to lag behind my bankcard score. I suspect that some of your payments haven't all been reported between 6-26 & 7-11.  My LO said to give stuff 45 days so that every company has had an opportunity to report new balances.  Look at the report Quicken pulled and review your balances and information. My EQ FICO 08 score is 792 and my EQ FICO 04 score is 780.  

These figures are very close, because my big payments and corrections are from 4/2014.  When I pulled the figures in April, my EQ FICO 08 was 734 and EQ FICO 04 was 695. I've found that the general difference on the scores is approx 50+, when you've made recent changes to your report (big payments, removal of  derogs), but you also need to pay attention to the information report or give the actions you've taken time to hit your 04 report (i.e, 45 days).