FICO scores online vs through lender?

[Anonymous]

My DW and I are in the process of being pre-qualified for a mortgage. We checked our FICO scores online through MyFICO (paid the $70 fee) and mine were Equifax: 734, TransUnion: 724, and Experian: 746. However, we just received an email from BoA stating that my median FICO score came back too low to qualify at 665. Can someone explain how this can happen? Is it possible it's an error on their part? Or do mortage companies use MUCH stricter criteria? I'm really confused.

[Anonymous]

yes, lenders calculate FICO score differently, though I don't remember seeing that much difference in our number. You can ask for the copy of the report to see what's going on there.

[Anonymous]

OP here, thanks PP. I guess I just can't imagine what might have caused such a huge discrepancy. Will definitely request report. They of course work on Pacific time so I'm left here wondering/stressing for another few hours.

[Anonymous]

I'd try another lender. I know Pentagon FCU uses the credit reporting services scores.

[Anonymous]

Go through literally anyone other than Bank of America. The. Worst.

[Anonymous]

Anonymous wrote:Go through literally anyone other than Bank of America. The. Worst.

OP here, interesting. Can you elaborate? We have a pre-qual letter from another bank already but were getting a .25 point interest rate deduction because we use BoA already. The other lender had a qualification criteria of 720+ which is why this is so confusing.

[Anonymous]

Anonymous wrote:My DW and I are in the process of being pre-qualified for a mortgage. We checked our FICO scores online through MyFICO (paid the $70 fee) and mine were Equifax: 734, TransUnion: 724, and Experian: 746. However, we just received an email from BoA stating that my median FICO score came back too low to qualify at 665. Can someone explain how this can happen? Is it possible it's an error on their part? Or do mortage companies use MUCH stricter criteria? I'm really confused.

It goes by the lowest score, so if your DW has a 665 your 724 doesnt matter.

[Anonymous]

OP - if they turned you down they have to send you a copy of the report they pulled - wait to see that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My DW and I are in the process of being pre-qualified for a mortgage. We checked our FICO scores online through MyFICO (paid the $70 fee) and mine were Equifax: 734, TransUnion: 724, and Experian: 746. However, we just received an email from BoA stating that my median FICO score came back too low to qualify at 665. Can someone explain how this can happen? Is it possible it's an error on their part? Or do mortage companies use MUCH stricter criteria? I'm really confused.

It goes by the lowest score, so if your DW has a 665 your 724 doesnt matter.

Huh? It was HIS 665, he didn't mention DW's scores at all.

[HDMI1]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DW and I are in the process of being pre-qualified for a mortgage. We checked our FICO scores online through MyFICO (paid the $70 fee) and mine were Equifax: 734, TransUnion: 724, and Experian: 746. However, we just received an email from BoA stating that my median FICO score came back too low to qualify at 665. Can someone explain how this can happen? Is it possible it's an error on their part? Or do mortage companies use MUCH stricter criteria? I'm really confused.

It goes by the lowest score, so if your DW has a 665 your 724 doesnt matter.

Huh? It was HIS 665, he didn't mention DW's scores at all.

well maybe he should mention his DW scores, so we can try and assist. Considering what we know (HIS scores) and what we dont know (DW scores), I believe my hypothesis to be the most plausible in a dual applicant situation. Of course there are alot of other ways this discrepancy could happen, but hey..im just trying to assist.

[Anonymous]

Op here, wife's scores are all 750+.

[Anonymous]

There's a bunch of different credit scores out there (one for auto, one for credit cards, one for home loans) and the home loans one is usually the lowest. Shouldn't be that much lower than your other scores though.

[Anonymous]

HDMI1 wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DW and I are in the process of being pre-qualified for a mortgage. We checked our FICO scores online through MyFICO (paid the $70 fee) and mine were Equifax: 734, TransUnion: 724, and Experian: 746. However, we just received an email from BoA stating that my median FICO score came back too low to qualify at 665. Can someone explain how this can happen? Is it possible it's an error on their part? Or do mortage companies use MUCH stricter criteria? I'm really confused.

It goes by the lowest score, so if your DW has a 665 your 724 doesnt matter.

Huh? It was HIS 665, he didn't mention DW's scores at all.

well maybe he should mention his DW scores, so we can try and assist. Considering what we know (HIS scores) and what we dont know (DW scores), I believe my hypothesis to be the most plausible in a dual applicant situation. Of course there are alot of other ways this discrepancy could happen, but hey..im just trying to assist.

Seriously, do you have reading comprehension issues?

[Anonymous]

Hey tough guy, focus on the question and not the response.