As discussed in past posts, there are many different scoring models within each company resulting in different credit scores. When applying for a mortgage, people often like to know up front what their credit score is, in order to have an idea of what loan type and what loan amount they will be eligible for. Lots of companies claim to be selling you your real credit score. Even if it is a real credit score it does not necessarily mean that this is the scoring model that mortgage banks will use when applying for a mortgage. The question is, which credit score model do mortgage banks use?

Fico 04

The most common score models the mortgage banks use is the Fico 4 model.  The Fico 04 model was also customized for each credit bureau and they also gave them different names.  By Transunion, it is called Classic 04, Experian calls it Fico Ver. 2 (it is the second version that Fico created), and Equifax calls it Classic V5 (I don’t know why).

Can You Buy It?

The bad news is that, no, you cannot buy your real Fico score that lenders will use.  It is not for sale; not by Fico, and not by anybody else. There are companies that sell scores that hit close to the real Fico 4 score, but not exactly. The closest you can get, in my experience, was either Myfico V5 ($14.95 a month, and you can cancel after the first month) or Experian Fico 04 ($4.95 first month) Again, it is not the exact score, but it will be somewhat close to the real Fico 4 score.

Why Can’t I Get My Real Scores?

My theory on why you cannot get your real scores is because Fico wants the banks to pay and the consumer to pay. That’s why, in my opinion, they sell the consumer one score and the banks another score, so they make twice the money. Sounds simple?  Yes! That’s why Fico is worth 5 billion dollars!

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