I have been working on my credit for several months(in anticipation of getting a mortgage) the score on my tu updated credit report(middle score) is 447 and i get my experian score and it says 645... why the big difference... Tu has a couple of very small collections left(they are the most stubborn) and experian has a 6000.00 collection that was slapped to me 2 months ago....Which score should i lean towards believing? The Tu score... is this what they call the Fako? Thanks for any input RObyn
Experian's score is fake. The only scores you should be interested in are from Fair Issaac and Co. otherwise known as FICO. These are the same scores lenders use. You can get your EQ and TU FICO score for $12.95 each at www.myfico.com. Experian FICO score can only be obtained via a "hard" inquiry such as a mortgage or checking account application.
I dont wanna pay money or get another hard inq. on my credit... are you saying i cant go by any of these scores that are on my updated reports??? RObyn
Don't believe either - they're both FAKOs. Their only use is as monitoring tools while you're cleaning up your reports. Lenders pay no attention to them. FICO (or one of the many flavors of FICO) is king in the scoring world.
What about the score i pull up on creditwatch? Im curious because i want to get a mortgage soon, what kind of score do i need to be approved for a mortgage??? Robyn
Re: Re: why the big difference between cra Credit Watch includes FICO - the real thing. I haven't done mortgage research recently so others will need to chime in.
Re: Re: why the big difference between cra I'm not for sure myself on the score required for a mortgage... but the interest rates are definatly score driven. On the website I mentioned earlier there is a mortgage savings calculator. You should look at it.
Re: Re: why the big difference between cra My best friend is trying to qualify. A mortgage broker recently told her in order to qualify for FHA (low down payment of 2%) you need a mid score of 620. They throw out the high and low scores.
