why my fico score is lower with country wide ?

[fenix]

It seems kind of fishy to me that companies like credco and country wide get a lower fico score on my experian and transunion reports than they report to me . I have credit watch with both of these companies and the day the lender pulled my credit he said my score was around 650 . I pulled that same day because I was upset , and my fico was 707 !! what the hell is this . Anyway he had a bunch of reasons why his was lower , but isnt the fico I get right from the bureu the most accurate since there the bureau !! somebody please explain something else if this isnt just a way to hold rate on ignorant people ..

[TJ2007]

Unfortunately most online credit reports are scams. They are just there to take your money.

I once had a client who paid $50 for a credit report online that told him he had a 700 ´score´ even though he had late payments even on his mortgage!!

If you want to get access to accurate credit information that lenders use, the only real source still to my knowledge is MYFICO.com

ANYTHING else is basically a ´FAKeOSCORE´

But yes the whole system of credit scoring is ridiculous, but hey - that´s capitilism and the cost of cheap credit by using the secondary market.

Credit scores are constantly changing as is the way the are analyized.

The other major issue is repeatedly pulling your credit which will lower your score.

Used to be that it was illegal for your loan officer to even tell you what your score was, but now it is mandatory for you to sign a disclosure saying you were informed. So if you really don´t believe the LO (and yes there are some shady people out there that will tell you your score has dropped to give you a higher rate) ask to see what the scores were on paper.

Not really sure why you are dealing with Countrywide anyway though....

[TJ2007]

remember your credit bureau is the same nice company that sells all your information to everyone under the sun including your score, debt and amounts of mortgages. They are just there to make a buck from you however they can.

[stock_post]

remember your credit bureau is the same nice company that sells all your information to everyone under the sun including your score, debt and amounts of mortgages. They are just there to make a buck from you however they can.

This is true and that is the rason, if you get a credit check you get too many credit card offers. From companies you never know of.

As your data is sold when you get a credit check.

Bad credit, good credit, don't matter, you just get credit card offers.

I hate that, but there is not much I can do.

Thanks

[fenix]

so your saying my fico has a more true fico score than the actual bureau itself ? transunion , experian , equifax ; these are the only true fico scores , they are the agencies responsible for fico (fair isacc) . I know alot about credit , and by the way you can opt out of sharing any info with bussinesses by checking a box . What are you all trying to say ? that there are more bureaus than these three ? well that is incorrect i know . Can third party companies just make up there own point system ? maybee.

[fenix]

that´s capitilism and the cost of cheap credit by using the secondary

and I didnt use a secondary source, i used the primary bureau , not some knock off infomercial late night gimick.

[fenix]

and one more thing for those of you that are completly mis informed . Pulling credit on one of the three bureaus does not hurt your credit . It is reffered to as a soft pull (your not trying to obtain money ) which doesnt effect yoour credit . but it always nice when mortgage brokers say not to get it pulled so you dont shop around !! ha ha ha :)

[TJ2007]

You are absoutely correct about genuine ´soft pulls´, but your broker is still obviously right about rate shopping affecting your credit if you go to multiple companies.

However I think you´ll find that MYFICO, generally will give you a more acurate representation of what lenders are pulling.

The 3 big credit companies will do anything for a buck. I don´t know why exactly they give such different scores directly, but their interest is obviously not to take care of the individuals.

Check out stuff by Suzie Orman, she has written a lot about this.

PS My reference to the secondary market was the demand by the secondary mortgage market for a scoring system that makes it simple for them to price and sell the securities.

I didn´t create the system.

[fenix]

if you get your credit pulled for the same type of loan it dosent lower your score , because the bureau knows consumers need to shop around . Do brokers expect us to just go with them and not shop rates ? uh that dosent make much sense . Once again I dont know about suzie ormans site , it looks kind of fishy to me . Definetly not as corporate or proffessional as equifax. For the record suzie gets her fico for you from=

EQUIFAX
TRANSUNION
EXPERIAN

the only bureaus that exist

[TJ2007]

(ummm...I was just posting here to give you some input on your question. Sounds like you just want to fight - YOU NEED TO BE FIGHTING THE BUREAUS!)

I´m sorry but you are completely wrong about your credit not being affected by rate shopping. Yes that is supposed to be true and legally it shouldn´t affect your credit. But the fact is that I have personally dealt with hundreds of credit reports if not in the thousands every year and I have time and again seen peoples credit scores drop soley from rate shopping.

Also I think you´ll find there are at least another couple bureaus that exist, but not that they are really used much.

[fenix]

what are those bureaus ? I wasnt trying to fight . Its just that i get upset when brokers try to make up there own fico scores to hold rate and make thousands of dollars . I think its a shame , and dishonest . Like I said there are three bureaus and if the fico a lender is gettin dosent match what you are getting directly from the bureau than you should not do bussiness with that lender .Period.

[EquityBeGone]

Some lenders also give you added points on top of your score if they are a direct lender. It is a promotion they do. Maybe they do the opposite as well? Subtract points for their "system" of scoring.