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Question By
titus1971m

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Disparity between Credit karma and Lender Beacon scores
After a year of intensive credit repair my Scores (per Credit Karma ) went from the low 600's to 753 trans union and 751 equifax. So I go into a mortgage broker and apply for a refi and the Lender comes back with An Equifax of 598 and Trans Union of 637. Now I know there are some difference depending on the agency but 150 points! I called the Service that provides the credit report for the Lender and all they would tell me is "the scores are calculated differently for mortgages" i asked them specifically WHAT was different because they were showing the same accounts (paid off or low balance) and payment history that's on Credit Karma's website. It's very frustrating, discouraging, and embarrassing to walk into a lender thinking you have a 750 and walking out with a 631.

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Each credit bureau and financial institution has a different way of calculating credit scores and there are too many ways to enumerate.  My scores were in the mid-700s here for both Transunion and Equifax but the credit score the dealership came up with was in the upper 600s.  Still got a new car at a less than 3% interest rate a couple of months ago.  There are other factors that lenders take into consideration so don't be obsessed with the credit score, but strive to keep accounts paid, and those payments on time with no negative remarks on the credit score.

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If you have been involved with credit repair for a year you should have known that there are many different scoring models for credit, all it takes is some reading, so start reading!! Make sure you are informed about all this credit stuff so you can make the right decisions about your credit. I really don't mean to come off the wrong way by being stern about this, but some hours of reading now is much better than years of regret later. You must watch your FICO scores during building and rebuilding credit.

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titus1971m

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I'm not understanding what you mean. Both reports (credit karma and lender) show the same info, a mortgage, 2 car loans (both with excellent payment history) and low ratio of revolving credit debt (also with excellent payment history). There's literally nothing else I can do to repair my credit but there is still 150 point disparity between what Credit Karma says and what the lender says.I'm flummoxed!

Reply by
titus1971m

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Enter Your

I'm not understanding what you mean. Both reports (credit karma and lender) show the same info, a mortgage, 2 car loans (both with excellent payment history) and low ratio of revolving credit debt (also with excellent payment history). There's literally nothing else I can do to repair my credit but there is still 150 point disparity between what Credit Karma says and what the lender says.I'm flummoxed!

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Do some reading on "different scoring models and versions for credit"

Reply by
titus1971m

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Okay let me phrase it this way......

The lender says I need a beacon of 680 to qualifiy for this particular loan, for whaterver reason its showing as 630. I dont know what else I can do to get it up in the view of the lender. All my installments loans are, and always have been on time, my relvolving debt ration is low and there are no collections on my credits. Other than payimg off my installment loans theres literally noting else I can do to try and improve my score nd that's why I'm frustrated. I've taken all of Credit Karma's rcommended steps and have a score in the 750's, they have the same info as the mortgage lender who rates me a 630. I dont know what else I can do to raise it 50 more points as the lender sees it.

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