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Are the 3 bureau credit scores I can access from experian and fico the same ones lenders see?

I recently applied for a mortgage and was told my score was a little too low to qualify. The score they quoted as my mid score was almost 40 points lower than the mid sscores I got when I pulled them from experian and fico. We pulled them the same day- are we using the same scores or do mortgage lenders see different scores? Please advise...any info would be appreciated. Thank you in advance for your time.
  • June 02 2010 - Town of Olean
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Answers (9)

Whew, some of the responses here are scary.

No, the score you see is a different score.  The lender has no incentive to lie to you about your scores, especially if it means they can't do the loan at that score.  What's important in your case is what was the score.  Did the 40-pt difference drop the score to something below 620?  If yes, that would be problematic for most lenders.  If still over 620, you can still get a mortgage, but you'll have fewer choices.

If I were you, I would ask the lender to review the report with you to be certain the information reported is the same as what you have on the report you have. 

Then, if you want that mortgage, get started on credit repair.
  • June 02 2010
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Profile picture for wannamovesoon
Western NY
  • June 02 2010
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There is a consumer model and a mortgage model.  The cunsumer model is often higher.  A review should give hints for increasing the score.

Where are you located?

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  • June 02 2010
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Ask your realtor to help you find the best lender for you.  There are more than 400 mortgage packages available (that's what they call them). /Different lenders will have different packages.  Some grants and loans expire and new ones become available all the time.  Local real estate agents know which lenders have good reputations and history because we work with them all the time. 

Make sure you are working with an agent who is willing to work with you on this.  If you can't qualify today, some agents and loan officers will help you figure out what you need to do to qualify and will hang in there with you for the months you need to get there.  That's the kind of help you want.
  • June 02 2010
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The lenders have their own algorithms used to determine credit scores.  Mortgage lenders numbers will be different than car loan or credit card inquiries. 

  • June 02 2010
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Profile picture for wetdawgs
If you are applying for a mortgage, you have a window where repeated requests don't have additional consequences.  I'm not sure exactly what the window is. hopefully a loan officer will chime in and tell you.

The real credit scores (the ones that count) are the ones your lender told you from your first experience trying to get a mortgage.

  • June 02 2010
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Profile picture for wannamovesoon
So then how can I determine what my score actually is? I don't want to keep having hits on my report from different lenders because of the score decrease with each hit.
  • June 02 2010
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Depending on the institution you use, there is a difference in the way different institutions choose whom they will lend to.  Some institutions average a combination of your scores while others may just use you Equifax score.  That is why it is best to shop around to see if someone else will lend to you when someone else will not.  You should also pay special attention to the different fees institutions charge because they also vary.
  • June 02 2010
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Profile picture for wetdawgs
Unfortunately the ones we real humans can see are different from those that the lenders see.   A spread of 40 points is not unusual.   This is a very sore point in the financial users world (makes me furious, because it means your real credit score is only available to a secret club).  I think they addressed this secret club score recently in the federal financial reform votes.  I don't know when the new rules will go into effect where everyone sees the same number.
  • June 02 2010
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