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Fico

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big al Guest	Posted: Wed Oct 14, 2009 9:53 am    Post subject: Fico Like 0 Dislike 0 Hi, My most recent fico scores 666 596 563. I know one score has to be over 620 to qualify for fha but my lender is saying the "middle score" has to be over 620. What does all of this mean? The fico scores I got on my own from my credit monitoring are much higher than these, fyi. Why are they all so different? Lender states that mortgage lenders use different system...? Help, I'm getting p---d off.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Oct 14, 2009 1:01 pm    Post subject: Like 0 Dislike 0 no sense in being angry, al - the world is a difficult place for all of us. to explain the "middle score": lenders toss out the highest and the lowest scores and use the middle one. this is standard industry practice and has been for many years. the way i look at it, the high is probably too high and the low probably too low, so the middle rules. it's true that your view of your credit is going to differ from that which lenders look at. precisely why this is, i don't know. but there is a different way in which lenders will view your credit because of the peculiarities of mortgage lending. i wish, and so do many, that all scores were consistent with each other, but i think that's a day that's off in the future. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1256 Location: River Edge, New Jersey 264.15 Dollars($)	Posted: Wed Oct 14, 2009 1:13 pm    Post subject: FICO Like 0 Dislike 0 The credit scores that you get from your personal monitoring are different from those on a mortgage credit report because they are different scoring models. There are several industries that have credit reports done in a model that meets their requirements. The personal credit scores that you get are a different model from what the mortgage credit report gets and that is different from the auto industry credit reports and there are a few other industries that have their own models. They probably do not vary by a lot, but, there are different scoring models. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.89 Dollars($)	Posted: Wed Oct 14, 2009 4:37 pm    Post subject: Like 0 Dislike 0 Al You should just focus on improving your credit scores. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Oct 14, 2009 5:02 pm    Post subject: Like 0 Dislike 0 amen _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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