Credit score of 686 @ 18 months post-discharge?

[panda]

I agree Amy. My credit union pulled trans union for the checking account, experian for our car loan, and they monitor us every three months on equifax. But they do report to all of the credit bureaus. Same lender, three different credit bureaus used. And if my memory serves me well, when we got our mortgage they pulled a tri-merge lender score, where they pulled scores from all three and took the middle one to use. Loan officer said that the scores would likely be different than the scores I purchased and took in to see her with. They were all about the same in the end, but she said there have been times when the numbers are not close to what people bring in from their own credit report purchase.

But hey, what do I know, this was just my own experience.

[Amy26]

Some lenders offer credit cards, mortgages and car loans etc....Same lender different product.

What exactly is the rebuttle here? I think I missed it. Cause I'm well aware different lenders offer multiple products and I believe I stated that. Given my example of Navy Federal... they don't even pull the same credit bureau for every loan product they offer.

[Logan]

Well I did not see anywhere where the conversation was specifically limited to mortgage scores. The term was "lenders" and lenders can mean almost anything. And I do agree with you, as I said in my post there are mortgage scores which will generally be the same when mortgage lenders pull your credit.

I may not work part time in the mortgage business but I have bought a home before and I know the credit scores that the mortgage lender used were not my standard FICO scores.

Some lenders offer credit cards, mortgages and car loans etc....Same lender different product.

[Amy26]

Well I did not see anywhere where the conversation was specifically limited to mortgage scores. The term was "lenders" and lenders can mean almost anything. And I do agree with you, as I said in my post there are mortgage scores which will generally be the same when mortgage lenders pull your credit.

I may not work part time in the mortgage business but I have bought a home before and I know the credit scores that the mortgage lender used were not my standard FICO scores.

[Logan]

Amy26, I'm in the mortgage business part time and see consistent scores among the lenders. A buddy of mine came to me and his credit union and my scores that I pulled were identical and that's been my experience.
Of course applying for a credit card, car loan or something else they do use different models than the mortgage business.

Logan

[Amy26]

Actually he is correct. Different lenders do use different models. There are different versions of each FICO model out there right now. Like Trans Union has like a 1997 model and a new model... some use different ones. Another specific example is one of my credit unions, Alliant, they do not even use FICO at all...they use their own scoring model to base people's worthiness.

Also some lenders use Equifax's FICO and some others might use TU or EX... my scores are all different with each credit bureau. There is also such a thing as an auto credit score and a mortgage credit score that the public doesn't have access to.

Out of all the loans/credit I have, I have only once or twice got the exact same score that I see on myfico.com in an approval or rejection letter. For example Navy Federal uses the same Equifax FICO model (for certain loan products) that I can pull. So, they are always the same. However, Navy pulls Trans Union for things like their overdraft line of credit.

You never know with these lenders... credit scores, I think, are the dumbest things ever. Cause you don't have 1 credit score... you have whatever score the institution feels like calcuating however they want to calculate it. So, I really think they are meaningless. Even getting your FICO these days does not mean that you KNOW what your score is if the lender is using their own model or a different FICO version.

[Logan]

If i think i understand what your saying....you pull then your lender pulls and its the same? Both you and the lender are pulling from the same pool. Let me explain a little more. What type of biz u in? Mortgage? Auto? Lets assume mtg and your the broker that prequals the borrower .. You pull from a product that the public can't access, your access allows you to pull mtg scores, scores look good, u send loan to several mtg lenders, they pull thier own and they also could use a different resource, also not available to the public, but guess what their access allows them to pull? Yup ...mtg scores. Every industry has their own scoring models.

OK, so lenders in each industry use the same FICO model. You gave me the impression that FICO scores would vary from lender to lender regardless of what the borrower is applying for.

[JackBondLove]

The score I quoted is the one that the bank taking my HELOC application gave me in the rejection letter.

[df04527]

If i think i understand what your saying....you pull then your lender pulls and its the same? Both you and the lender are pulling from the same pool. Let me explain a little more. What type of biz u in? Mortgage? Auto? Lets assume mtg and your the broker that prequals the borrower .. You pull from a product that the public can't access, your access allows you to pull mtg scores, scores look good, u send loan to several mtg lenders, they pull thier own and they also could use a different resource, also not available to the public, but guess what their access allows them to pull? Yup ...mtg scores. Every industry has their own scoring models.

[Logan]

Years in the business and working directly with career people working for the bureaus and Fair Issac. What exactly is incorrect?

I pull my own credit for my borrowers and whenever a lender pulls their own report the scores are identical. No lender I use has their own FICO model.

[df04527]

Years in the business and working directly with career people working for the bureaus and Fair Issac. What exactly is incorrect?

[Logan]

If you do check your FICO - use it only as an estimate. The lender will have different numbers, guaranteed, It could be slightly higher, could be slightly lower from what you pulled. Lenders put their own customized spin on your credit score. They use FICO as the base and then add their own algorithm's.

just fyi

Where did you get this from? Not true.

[df04527]

If you do check your FICO - use it only as an estimate. The lender will have different numbers, guaranteed, It could be slightly higher, could be slightly lower from what you pulled. Lenders put their own customized spin on your credit score. They use FICO as the base and then add their own algorithm's.

just fyi

[JackBondLove]

See my later posting - Equifax says my score is only 637.

[HHM]

That sounds about right, way to go.