Posted on: 29th Dec, 2010 08:34 am
I got my 3 credit scores from TransUnion, Equifax and Experion. They were (on 12/2/10) 742, 666 and 659 respectively. On 12/3/10, I asked my Credit Union about a loan to buy a previously owned manufactured home. The loan officer got my credit score (not scores) and said I needed to raise my score before I would be considered for a loan. The score I got from Equifax was 666 and the next day my Credit Union got 609 from Equifax. Doesn't anybody look at the 742 I have with TransUnion. Can someone please explain the ambiguities. It seems like they decide first if they want to loan you money and then look at which ever score supports their decision. There are more issues. Can you help?
Hi jeni!
Welcome to forums!
The lender will take into consideration the middle score. He will not consider your highest score or your lowest score while giving you a mortgage. As far as sudden lowering of the Equifax credit score is concerned, you will have to speak to the credit bureau and clarify the matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender will take into consideration the middle score. He will not consider your highest score or your lowest score while giving you a mortgage. As far as sudden lowering of the Equifax credit score is concerned, you will have to speak to the credit bureau and clarify the matter.
Feel free to ask if you've further queries.
Sussane
Jeni, there is always a discrepancy between the scores you see as a consumer and the scores that a creditor sees when pulling your credit report. Why such a large discrepancy exists among the three repositories can better be determined by looking closely at what each of them shows on your report. There may be items that are favorable to you and missing from Equifax and Experian records; or there might be derogatory items that don't appear on the TransUnion report. You have to look closely...not every creditor reports to all 3 repositories; not only that, but all three do their scores slightly differently.
If your credit union only looks at one score, that's something that you have to live with. That's apparently their business decision, and though it may seem to be outdated (it is), you are not likely to be able to point that out and be successful at changing it.
I'm a little surprised at your citation of the credit union being stubborn about lending, inasmuch as they're typically more tender-hearted in their lending attributes. Then again, you may have run into one of those who wants to make gilt-edged loans only and that feels yours isn't among that strata.
Search a bit more for another lender - that might help a lot.
If your credit union only looks at one score, that's something that you have to live with. That's apparently their business decision, and though it may seem to be outdated (it is), you are not likely to be able to point that out and be successful at changing it.
I'm a little surprised at your citation of the credit union being stubborn about lending, inasmuch as they're typically more tender-hearted in their lending attributes. Then again, you may have run into one of those who wants to make gilt-edged loans only and that feels yours isn't among that strata.
Search a bit more for another lender - that might help a lot.
Consumer scores that you buy online are not "FICO" scores that lenders use to make underwriting decisions, unfortunately.
Take a closer look at the scores that you pulled online. You will most likely see the words "PLUS Score" or "Vantage Score".
TransUnion, Experian, and Equifax created the Vantage Score to get away from having to deal with FICO. There aren't many lenders using Vantage Scores because FICO has been used by the banking industry since the mid 1990's.
I've seen a variance of as much as 100 points on the high side for Vantage scores over FICO scores.
So yes, until there's a law that states that consumers are to be sold FICO scores that match the banking scores you will be still guessing.
The only indicator that you "might" be OK to apply for financing using the Vantage model, is that they give you also a letter grade, ABCDF. In my experience, once you're into the "C" range you should be OK to apply.
The higher you're into the "C" range the better.
I hope this helps,
Jason Hall
Board Certified Credit Expert
Take a closer look at the scores that you pulled online. You will most likely see the words "PLUS Score" or "Vantage Score".
TransUnion, Experian, and Equifax created the Vantage Score to get away from having to deal with FICO. There aren't many lenders using Vantage Scores because FICO has been used by the banking industry since the mid 1990's.
I've seen a variance of as much as 100 points on the high side for Vantage scores over FICO scores.
So yes, until there's a law that states that consumers are to be sold FICO scores that match the banking scores you will be still guessing.
The only indicator that you "might" be OK to apply for financing using the Vantage model, is that they give you also a letter grade, ABCDF. In my experience, once you're into the "C" range you should be OK to apply.
The higher you're into the "C" range the better.
I hope this helps,
Jason Hall
Board Certified Credit Expert