Version of FICO score

[Fausto Carosella]

Hey Lender Friends, Do you specifically know which version of the FICO score you use for qualification? — i.e. FICO score 5, FICO score 8 etc. — Is it typical for a lender to know or not know which one they use?

[Chris Mason]

Originally posted by @Fausto Carosella:

Hey Lender Friends,

Do you specifically know which version of the FICO score you use for qualification? — i.e. FICO score 5, FICO score 8 etc. — Is it typical for a lender to know or not know which one they use?

 Typical to not know since it's not possible to pick or shop it or anything else. And historically people trying to micromanage this sort of thing rarely end up actually buying homes, for whatever reason, so it's not like there's any incentive to 'specialize' in this for lenders. 

I have had exactly one client accurately tell me their FICO score. Everyone else is consistently anywhere from 20 to 75 points off, coin toss on which direction. 

That one single person who has ever been accurate did so by going to the FICO website, he clicked "show me the scores used by mortgage lenders," paid $20, and I ran his credit on the exact same day & the exact same number for all three bureaus (which meant it was a waste of his $20 in retrospect). Every other source is inaccurate 100% of the time... they are fine for knowing if the general trendline is up or down, but not for knowing what the number used by the mortgage industry will be.