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WF- average of the 3?


pilgrimfaraway
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OK, this makes no sense to me. My FICOs are:

1. 807 & 680 Equifax (split file)

2. 770 Experian

3. 790 TU

I got pre-approved today with WF. Here's a run down of what the loan officer told me today:

1. They take the lowest of the 3 scores

2. In the case of a split file, they take the lowest of the two scores

3. Anything over 680 will get the best rate, the only question then becomes how much documentation is required

So, I could wait and fix Equifax and probably see it land around 750 or so, but I'm tired of this game and I decide to have her run it.

She says that my credit score came back as 789. There is only one way to get 789 from the scores above - average the high scores from each CRA. I asked her how tht works - why it could come back at 789 if they take the lowest and the lowest of the two in case of a split and she didn't know.

I mean - I am not complaining! After 2 months of credit repair, I've been blessed to go from hard money loans only to a 15 year fixed rate of 5.75 for 75% and 9 for the other 25% - no money down.

Also, she says that there will be "very little, if any documentation required."

Any thoughts how they could land at a FICO of 789?

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She says that my credit score came back as 789. There is only one way to get 789 from the scores above - average the high scores from each CRA. I asked her how tht works - why it could come back at 789 if they take the lowest and the lowest of the two in case of a split and she didn't know.

Wells will provide you with a credit score disclosure so you can see the three scores that they used. Also, the subscriber's reports are more inclusive than the reports consumers request themselves and therefore differ.

Pilgrim - I have a question. I have read about the bumpage to remove inquiries on this site, but I've also read elsewhere that overloading the self-generated inquiries can cause a split file. Is that what happened in your case? If not, have you heard of such?

Also, the mortgage industry does use the lower of two in the case of a split file although I believe I've read (can't remember where) from either a CRA or Fair Issaac that split files should be averaged (if the result of maiden name or other legitimate reason). I was going to wait until that happened to a client of ours before digging up the article to go to bat.

Congrats on your most excellent credit score.

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Yea - splits happen. I've had it 2 times on TU and once on EQ. I've heard really nasty things about splits, but personally love them. All 3 splits resulted in a number of inqs drop off and never come back. One split resulted in late payment dropping off too!

Some people have lost good TL's as a result of this. But that doesn't spook me too much - I've had creditors add stuff into my files in the past without trouble - either on the next tape sent in, or by sending a fax to their credit dept. Also, you can always RR a dropped TL back on.

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