Every lender uses the middle score.
If there is only 1 borrower and the scores are
500-600-700....then they will use 600 as it is the 'middle score'
If there are 2 borrowers then they use the lower of the 2 middle scores.
Husband 600-700-800 = Middle score 700
Wife 700-750-800 = Middle Score 750
Lower the 2 middle scores 700,750 = 700
But when WE pull it those same companies show 100 points higher.
Odd odd odd.
I guess the broker was saying to me that even experion and the others give him a different score based on different math BECAUSE he is a broker and that when a consumer pulls it it's the same level as a car loan or something...but when a bank or broker pulls, it's lowered....
Actually quite a few lenders like National City, SunTrust, Wachovia and Palmetto just to name a few, blend their scoring ... on the other hand, a lot of Credit Unions will use the lowest score to carry their lending decisions - which in itself is good business.
That said, it still won't be helping your situation.
Have you actually looked at your credit report.?
.. It would help your issue greatly to get with Free credit report.com, Fico.com or any of the quality credit systems and sit down and go over it line by line .. some accounts could be aged and could be pulled off, some accounts could be in error .. of course, there might some accounts that a letter and $125 would make it go away ...
The worse thing that could happen .. you'll understand your credit history better and then work on rebuilding it in the next 8/10 months ... this way you'll be asking questions about a 780 score instead of a 580 score ... why pay thousands more in closing costs, lenders fee's and a tall interest rate..??
Good luck : ^)
thank you both, again and again. What exactly are they blending with a blend?
100 is just such a difference. The three scores he gets merge into like a 675, so I hope that's what this bank does...
thanks, this has become a time consuming thread for everyone and I appreciate it.
Yes, every lender can be different because some might use Experian, some might prefer Equifax and FICO combo's ...
The reason why you might be seeing such "huge" difference is .. most are using something called an "universal revue" .. and this is a "blend" .... I've seen some that are 722 and the rest are 788 or the other way around .. some might be 685 and the rest "blend" into 610.
I had an occasion, years ago, when TRW presented one credit report to the vendors and a different one to me. I was told there was a class action suit brought against them. You do have recourse.
thank you ALL for your patience and information, i can't tell you how crazy making this is! Basically, the bank is saying the score is fine but I am afraid when they run it themselves we will run into the same issue
myfico.com will have the latest fico model...because they're FICO.
Your bank may not be using the latest FICO model
Some Banks may have FICO 04 or FICO 05....this is why the score varies.
BofA may use FICO Score Model 04
I may use FICO Score Model 05
You may use Windows XP.....I may use Windows Vista.
meaning: if fico is the one that comes us wiht the model, am I and the bank seeing the same score?
thanks so much, this is very confusing to me.
Windows are different platforms that ppl use.
Some are using Windows 98....most are using Windows XP.
The new software is Vista, but not every person has it.
FICO usually comes out with a new scoring model every 4-5months.
They recently had an update this year, and one in 09/2007.
A lot of lenders are still using the 09/2007 model, and some are using the one for 2008.
The model in 09/2007 doesnt count authorized user accounts in the credit score.
If you found a lender that uses an older model, then you will have a much higher score with the authorized user accounts.
You'll always have a different score with each lender...especially if they're using a different model.
Remember this doesnt even account for the recent credit pulls.
You may find some helpful information on http://www.myfico.com/. This website may answer some of your questions.
Sandy Shores, Realtor
M & M Real Estate
Residential, Investment & Relocations
Florida's Space Coast