I am going through a mortgage company right now. Here's what was listed on my credit score disclosure sheet:

Equifax (EFX)/Beacon Score
Range of possible scores: 300-850

Experian (XPN)/Fair Isaac Score:
Range of possible scores: 300-850

TransUnion (TUC)/Classic 2004 Score:
Range of possible scores: 300-850

However, I dropped the 1st lender I was using. I shredded the disclosure sheet, but they had different scoring ranges listed (not sure what models they used). I think all of them started at 300, but Equifax or Experian was 850 max and the other was 830 or so max. Transunion had a max score of something like 930.

Everyone on this board will tell you that Fico is the only one that really matters, but there are so many models that it is really tough to tell which is best. The best thing is just to monitor your report at least once/year to prevent fraud and inaccuracies. If you do that, while keeping your balance-to-limit ratios low and paying notes on time, then your score will fall where it needs to be.

2 ...

Report Post

Posted by JonTheTigerFan

Central, LA

Member since Nov 2003

6789 posts

Posted on 4/16/13 at 2:43 pm to mglsu21

quote:
Everyone on this board will tell you that Fico is the only one that really matters, but there are so many models that it is really tough to tell which is best

The 3 scores you list are all FICO scores. Some lenders still use the TUC 2004 score but most are using the TU08, which is a newer version of the TransUnion FICO score. No reputable lender I have ever heard of uses anything other than your FICO score. If they used another type of credit score, I would probably find another lender.

1 ...

Report Post

Posted by foshizzle

Washington DC metro

Member since Mar 2008

40599 posts

Posted on 4/16/13 at 7:31 pm to mglsu21

quote:
The best thing is just to monitor your report at least once/year to prevent fraud and inaccuracies. If you do that, while keeping your balance-to-limit ratios low and paying notes on time, then your score will fall where it needs to be.

This. The purpose of a credit score (whoever issues it) is to figure out how likely you are to default. That is the number that actually matters - not the score itself.

But you should be able to have a reasonably good sense of where you stand just by looking over your report (not the score). If you have no 30 day lates at all and a credit history of 5+ years, you're in decent shape at least and the exact score isn't all that important.

Don't worry overly much about things like how much you have borrowed, how many times you've made an inquiry, etc. They are minor. It's pretty simple - if you have a record of being late 30 days more than once then your score is in the shitter. If that has never happened then to varying degrees you're okay.

1 ...

Report Post

Money Talk - Replies to Post

Return To Board

Page 1

Return To Board