Confused real or fake?

Ok now I'm REAL confused.

I work for a mortgage company and we use Credit Data Services to pull our tri-merged reports. Each Tri-merged shows one score for each CRA as follows:

FOR: BLOW, JOE 123-45-6789
XPN FAIR, ISSAC RISK SCORE: 686

FOR: BLOW, JOE 123-45-6789
TUC EMPIRICA SCORE: 667

FOR: BLOW, JOE 123-45-6789
EFX BEACON SCORE: 629

Of course it shows all the reason codes under each score.

Now when we (and Lenders) look at these scores, we (They) do not differentiate between real and fake. Lenders typically judge you on your middle score. Any conversation I've ever had with an lender's underwriter always revolves around the middle score. And that holds true for other mortgage companies I have been with and other brokers I speak to. Everyone talks middle score.

Now where does the real and the fake enter into this equation?

(I also understnad that CDS is an affiliate for Experian in my area)

Mediccc24

real scores are the ones that you, as a creditor, obtain utilizing fair isaac proprietary algorhythms etc. trimerged credit reports have real scores. the faco scores are ones which TU and Experian sell to gullible consumers who don't realize that they are getting ripped off--in other words, they have built a computer program that creates a totally fake score. If it ain't fico it's faco.

Thanks, senator, that's true with respect to the bureau consumer scores.

But the bureaus also have literally hundreds of scores for lenders. I don't think it's true that auto loans are rated by the Fair Isaac scores that are used for mortgages. I'll hopefully find out for sure through my suit.

I updated the Credit Scoring Basics (http://creditforum.org/showthread.php?s=&threadid=1248)

I hadn't realized that everybody thinks that credit cards and auto loans use the same scores.

Originally posted by Mediccc24
Ok now I'm REAL confused.

I work for a mortgage company and we use Credit Data Services to pull our tri-merged reports. Each Tri-merged shows one score for each CRA as follows:

FOR: BLOW, JOE 123-45-6789
XPN FAIR, ISSAC RISK SCORE: 686

FOR: BLOW, JOE 123-45-6789
TUC EMPIRICA SCORE: 667

FOR: BLOW, JOE 123-45-6789
EFX BEACON SCORE: 629

Of course it shows all the reason codes under each score.

Now when we (and Lenders) look at these scores, we (They) do not differentiate between real and fake. Lenders typically judge you on your middle score. Any conversation I've ever had with an lender's underwriter always revolves around the middle score. And that holds true for other mortgage companies I have been with and other brokers I speak to. Everyone talks middle score.

Now where does the real and the fake enter into this equation?

(I also understnad that CDS is an affiliate for Experian in my area)

Mediccc24 Mediccc24 , what kind of mortgage would a middle score of 667 get a customer?

What would be considered the entry score to receiving the best rates? 680? or 720?

Thank you Senator and Christine. I had no idea scoring was as complex as it is.

Better score--

Your question depends on a couple of things. Is this a refi or a purchase? If purchase, a score or 680 and up and 20% or more down will get you the most prime rates on most lenders products.
When you put less than 20% down your rates go up no matter what your credit scores are. You also must figure in your front and back end debt to income ratios but we won't go there right now.

If a refi, are you planning on taking money out of your equity or simply a rate and term refi? Rate and term will get you the best rates. Also the prime rates start at 680 and up. Loan to Value ration also makes a big difference. If higher than 80%, rates start bumping upward.

In short, scores of 720 and up pretty much give you Rock Star previleges in the eyes of the lenders.

Mediccc24

Originally posted by Mediccc24
Thank you Senator and Christine. I had no idea scoring was as complex as it is.

Better score--

Your question depends on a couple of things. Is this a refi or a purchase? If purchase, a score or 680 and up and 20% or more down will get you the most prime rates on most lenders products.
When you put less than 20% down your rates go up no matter what your credit scores are. You also must figure in your front and back end debt to income ratios but we won't go there right now.

If a refi, are you planning on taking money out of your equity or simply a rate and term refi? Rate and term will get you the best rates. Also the prime rates start at 680 and up. Loan to Value ration also makes a big difference. If higher than 80%, rates start bumping upward.

In short, scores of 720 and up pretty much give you Rock Star previleges in the eyes of the lenders.

Mediccc24 Thanks, this is good stuff. yeah I was referring to purchase. 20% or more is exactly what we are planning. We have no other debts other than three cards the have a combined balance of less than $200.00. Car is also paid off. We have nothing but time.

I asked because I`ve heard so many different scores for first time buyers, some say 620 is barely making it, 650 is prime, 670 is prime, 680 is prime and 720 or above is prime. I guess it depends on who the lender is.

I forgot to mention, I just had a client with 2 of his scores almost 800. TU was about 660, because of a fraudulent Bally's collection.

He was DECLINED for his refi. So it's not always the middle score that counts.

Originally posted by Christine
I forgot to mention, I just had a client with 2 of his scors almost 800. TU was about 660, because of a fraudulent Bally's collection.

He was DECLINED for his refi. So it's not always the middle score that counts.

So I guess Experian counts just as much as TU and Exquifax?

Or I should say, they all count equally.