Every lender has their own computer generated scoring model. Lender A might give more importance to payment history than lender B. Lender B might give more importance to length of credit history than lender C. Etc. And, most lenders now give more importance to credit card debt, than in the past.
When you obtain your scores, please keep in mind that most online credit monitoring sites do not use same scoring models as mortgage lenders. And when a lender or creditor, such as for mortgage, auto loan, credit card, etc pulls your scores, they often use different models (programs or algorithms). So, your scores are not usually identical.
On mortgage reports, just above the three scores for Equifax, Experian and Trans Union, you might see:
BEACON 5.0
FICO-II
FICO Classic 04
These are different scoring models…and there are many more! No wonder people get confused about their scores!
Under some scoring models, increased revolving debt can result in a lower Equifax score.
Once in awhile I am ask “why don’t I have a mortgage score?” Regarding MORTGAGE SCORES ONLY, if you don’t have credit that you have used or paid on within the last six months, you might not have a score.