FICO Score Models for Mortgage Originations

[cv91915]

There is frequent discussion about various FICO models and which are used by credit grantors for various purposes.

 

We are in the process of getting a new mortgage. I'm creating this thread for anyone curious about FICOs and mortgage origination.

 

The following are the score models used for our loan, and the score range for each (I copied and pasted this directly from the credit disclosure I received from the lender today).

 

Equifax BEACON 5.0: Scores range from a low of 334 to a high of 818.

Experian FICO-II: Scores range from a low of 320 to a high of 844.

TransUnion FICO Classic 04: Scores range from a low of 309 to a high of 839.

I also want to thank my friends at CB, without whom my current scores would not have been possible. I am so grateful to so many people for all of the help and encouragement over the past couple of years.

772 Source: Equifax BEACON 5.0 Date: 05/22/2014

786 Source: Experian FICO-II Date: 05/22/2014

775 Source: TransUnion FICO Classic 04 Date: 05/22/2014

Edited May 23, 2014 by cv91915

[shifter]

that's weird because the disclosure I got had the same versions, but said they all were a range of 350 to 850.

[cv91915]

I thought the ranges were odd as well.

[cv91915]

What was also weird was the fact that two of the scores said that I had too many consumer finance company accounts (or words to that effect). I've always understood those to be like furniture store financing accounts (non-revolving). I have no such trade lines.

[bryenz]

I just finalized a new Tesla loan through DCU and they reported the same weird Equifax range: 334-818. The disclosure just said "Source: Equifax" but didn't talk about Beacon, which version, etc.

 

As with cv91915, one of the "factors" was "too many consumer finance company accounts" and I have zero, unless they're maybe counting GECRB accounts? I do have a bunch of those.

[BobWang]

Eq04 tops out at 818.

[shifter]

How can they use 3 scores that have different max values and take your middle score?

 

That's apples and oranges.

[cv91915]

772/818=0.94

786/844=0.93

775/839=0.92