VeeGee Posted June 3, 2003 Report Share Posted June 3, 2003 Does a person's fico score (the score lenders see) come from Equifax? Link to comment Share on other sites More sharing options...
crofttk Posted June 3, 2003 Report Share Posted June 3, 2003 You are SO cute, I can't resist trying to help you !FICO refers to a secret algorithm or formula (owned by Fair-Isaac) for calculating a credit score based on what's in your credit file. It can be applied to any CRA's file on you.Thus you have a TU FICO, an EQ FICO, and an EX FICO score.There are lots of "imitators" of FICO out there. There are literally hundreds of imitators AND customized FICO formulas out there that lenders use.The FICO we mostly discuss is a standard FICO score that most mortgage lenders use. Usually, the lender will get all 3 on you and use the middle score.You cannot buy your EX FICO score, so you have to rely on a cooperative lender to disclose that to you, such as when you apply for a mortgage for example or your brother-in-law mortgage broker, etc.You can buy your TU FICO at TU's website. Be careful you don't buy their useless "Personal Credit Score". You can buy you EQ FICO, of course, at EQ's website. You can buy either of those two FICOs at myFICO.com.Hope that helped clarify things. [Edit by crofttk on Tuesday, June 3, 2003 @ 12:55 PM] [Edit by crofttk on Tuesday, June 3, 2003 @ 12:56 PM] Link to comment Share on other sites More sharing options...
VeeGee Posted June 3, 2003 Author Report Share Posted June 3, 2003 crofttk...thanx for the compliment lol...you mentioned middle score that lenders usually look at? So which one is it? My lender told me I had a 722 score...and good credit. My DH had a 644 score with fair credit, we did get the loan...I was just wondering if the lender adds both of our scores together and comes up with their own formula? Thanx handsome for all the help lol Link to comment Share on other sites More sharing options...
crofttk Posted June 3, 2003 Report Share Posted June 3, 2003 When I said lender, bear in mind, I meant mortgage lender. If it was mortgage app., my first guess was he meant middle (or median) FICO score out of the three on you and then on the three for DH. What they do with the two, I'm not sure, but my guess is that, whatever type of mortgage it is, it may have a minimum FICO median score requirement which you both would have to meet if the mortgage is to be in both your names. Bear also in mind that I use words like "usual" and "guess" to mean there are lots of lenders and lots of ways each chooses to consider scores.There are certain types of mortgage that don't focus on score as much as actual cleanliness and "beef" to your credit history. Discussing that much would be out of my league. Although I do know what it took for me and DW to get an FHA mortgage 2 yrs. after BK7.If your lender wasn't mortgage, that can be a whole other can of worms that I probably wouldn't be much help on. [Edit by crofttk on Tuesday, June 3, 2003 @ 02:26 PM] Link to comment Share on other sites More sharing options...
VeeGee Posted June 5, 2003 Author Report Share Posted June 5, 2003 Thanx for clearing things up for me. It was a Mortgage lender...he's the one who told us our scores. We got the loan at a 6% rate and could have gotten it at a lower rate if DH's score was a little higher. I was just wondering where these Mortgage lenders go to see a score of 722??? I got each individual score from each CRA...and none of them had a 722 score on me, the highest score was 711 from equifax, 708 from experian and 699 from tu all fico scores. I'm working on getting those scores higher. But thanx for everything...you have been a big help. Link to comment Share on other sites More sharing options...
crofttk Posted June 5, 2003 Report Share Posted June 5, 2003 As the lender said, the EX 722 you got from him is a FICO score. You would not have been able to get an EX FICO score on your own, so the one you got from EX was probably a CreditXpert score.Another reason for differences is that we can buy, let's call them "standard", FICO scores. But, the lender can pull any of a large number of FICO scores calculated in a customized way. The FICOs we can get hopefully don't lead us too far astray. Link to comment Share on other sites More sharing options...
Recommended Posts