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Empirca score???


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That is great news, that means your TransUnion FICO Score is 740.

No by no means is this one new, it has been around longer then the consumer scores which you see.

TransUnion = Emperica

Equifax = Beacon

Experian = Fair Isaac

These are the scores they sell the lenders... then it breaks down further as to what industry is using the scores...

The only one I can give example of is Experian:

So Fair Isaac:

Installment Loan Model

Personal Fianance Model

Dealership Model

Credit Card Model

Then Experian has their own created scores sold to businesses:

National Risk Model

Bankrutpcy Model...

There are dozen of model beak downs .. each is different from the next in what they are scoring. BUT they are all initially created by FICO except the last 2 I mentioned on Experian.

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You then where looking at a PRIME lender, I could not even do that with my scores.. and I was above the 740 on my transunion score.

Heck, I was pre approved, but was not enough money for the house I bought... short by $15,000 :roll: Cause of my debt to income ratios.

Had to pull in DH who was much lower and then with his medical collections ended up going FHA with higher interest rates at around. 6.1% something like that.

So with his score increase, and combination of paying down debt, we should refinance down the line hope for better.

That 7.99% is crazzy if a person has the score to get approval. Not a worth while lender, look to FHA if you can.

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lizzy with a score of 740 you could qualify for a much lower rate on a brand new car for 60 month loan, I'm thinking somewhere around 4.9%, however I believe that loan rate is calculated high because it is figured at 81 months, rates are a little higher when you go longer term, but would you really want to pay for a car for almost seven years.

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Oh, thanks for clarifying that Sis, I just kept trying to think why a mortgage loan would be like that... :roll: Somedays, I am really not with it on the lender side of things. Thanks for your correction... I am so GREEN when it comes to knowing different companies out there.

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