Yea I wish I could know my 04 scores as well... I will get my DCU score tomorrow but thats once a month and doesnt help much...
The inactive account is pretty old and has a high limit. I suspect my score will go up again when it shows zero balance due to less accounts reporting a balance and still being active.
I'm anxious to see what my 04 scores do.... I'll know in a month when lender pulls it again.
@fused wrote:I just wish you could track all of your FICO 04 scores.
Yeah... You'd think that MyFICO, being under the FICO corporate umbrella, and having claims of "Get the Score Lenders Use to Evaluate Your Home Mortgage Loan" still on their site, would actually provide the standard, Fannie/Freddie required scores. (You know, the scores ACTUALLY used to evaluate the majority of mortgage loans.)
But they don't.
MyFICO's claims of offering "the score lenders use" for mortgages have been knowingly false since their EQ score was switched from 04 to FICO 8, and was only partially true prior to that.
This was pointed out in June, and again in July@, and both times forwarded on (thanks @Revelate!) to MyFICO.
This is now August. The false claims are still posted, and mortgage scores are still unavailable.
Of course, I'd prefer that they resolve this by offering the mortgage scores... but if, as is likely, they can't or won't - then at least the false advertising needs to come down. (How many people come to these forums every week, "confused" about why their scores here didn't match a lender pull? That's not "confused". That's "mislead".)
@iv wrote:
@fused wrote:I just wish you could track all of your FICO 04 scores.
Yeah... You'd think that MyFICO, being under the FICO corporate umbrella, and having claims of "Get the Score Lenders Use to Evaluate Your Home Mortgage Loan" still on their site, would actually provide the standard, Fannie/Freddie required scores. (You know, the scores ACTUALLY used to evaluate the majority of mortgage loans.)
But they don't.
MyFICO's claims of offering "the score lenders use" for mortgages have been knowingly false since their EQ score was switched from 04 to FICO 8, and was only partially true prior to that.
Of course, I'd prefer that they resolve this by offering the mortgage scores... but if, as is likely, they can't or won't - then at least the false advertising needs to come down. (How many people come to these forums every week, "confused" about why their scores here didn't match a lender pull? That's not "confused". That's "mislead".)
I don't want to get off-topic, so I'll leave it with this. This is the wording on the myFICO Dashboard under the Understanding FICO Scoring forum:
"The FICO Score is the credit score used by 90% of top lenders, so it’s an important part of your credit picture."
That statement is fact, but I wish myFICO would allow consumers to choose which FICO scores they want to buy: 98, 04, or 08. Problem solved! I'm sure there are reasons why it hasn't happened. The 08 score is necessary, tho. CCC's are using it, and most of us are more likely to app for CC's 5 to 10 times. It's not like most of us are going to app for 5 to 10 mortgages.
Update.... My scored have bumped to what is in my sig. 653/653/662
Here is what my balances are showing now.
NFCU- 11850/12000 98%
BOFA 4439/4500 99%
CAP1 3864/5000 77%
Disc 2845/3000 94%
Cap1 2955/3000 99%
Cap1 958/3000 32%
Chase 2364/3000 79%
Amazon 560/800 70%
Kay 21/5000 1%
VS 15/1150 1%
Overall Util - 42% ( others cards all zero balance) total accounts with balance - 14/26
AUTO LOAN 30110/33590
Student loan 1278/2000
Student loan 2426/2800
Student loan 18423/19500
I decided it would be better to use the kay card and VS card and let them report a balance. They were both inactive and I saw a small point increase when they reported. I should see another small bump when they are paid in full due to less accounts with balance. This is what my reports show but everything is actually already paid off/paid down. They are all reporting throughout the next few weeks so I should be able to update with each change and how it affects my score.
Here is what it will look like when done based on payments already made.
NFCU- 9400/12000 78%
BOFA 3530/4500 78%
CAP1 3864/5000 77%
Cap1 2350/3000 78%
Chase 3227/5000 65%
Overall UTIL - 28% Total Accounts with balance- 8/26
Student loan 1278/2000
Student loan 2426/2800
Student loan 18423/19500
I'm expecting another 25-40 point increase. We will see!
The waiting game can drive you crazy.
Scores jumped 9 points when auto loan reported paid and closed.
The next two weeks will be the big jumps. The equifax score power simulator says I'll be at 657-697 based just on the amounts I have already paid off that has yet to report. Myfico says 665-705. I'm pumped. This doesn't include the inquires that will be falling off and accounts aging by one more month and baddies getting one more month old.....
So excited and so stressed..... out dream house is just waiting on a pre-approval letter and an offer.
The next two weeks will be the big jumps. The equifax score power simulator says I'll be at 657-697 based just on the amounts I have already paid off that has yet to report. Myfico says 665-705. I'm pumped. This doesn't include the inquires that will be falling off and accounts aging by one more month and baddies getting one more month old.....
So excited and so stressed..... out dream house is just waiting on a pre-approval letter and an offer.
Thanks for the info but I'm very financially secure.
I was married 4 months ago which is where the high debt came from, most cards offered 0% and cash back offers. My cards total balances were at 1% before that. The maxed out cards have only been maxed for 3-4 months. They will all be paid in full in 4 more months.
My wedding, honeymoon, ring, etc costs were around 50k I only put 30k on cards. And I'm down to 17k within 4 months.
I think a mortgage will be fine
I was married 4 months ago which is where the high debt came from, most cards offered 0% and cash back offers. My cards total balances were at 1% before that. The maxed out cards have only been maxed for 3-4 months. They will all be paid in full in 4 more months.
My wedding, honeymoon, ring, etc costs were around 50k I only put 30k on cards. And I'm down to 17k within 4 months.
I think a mortgage will be fine
In a perfect world I would wait until 2015 to apply for a mortgage and be much better financially and score wise. Unfortunately it isn't an option anymore. A new apartment complex was built beside the townhomes I live in and it is section 8 housing. We have seen a dramatic increase in crime in my area. For instance a shooting directly outside my bedroom window, a stabbing on my street, and tons of property crime. It is sad because the area I live in used to be very nice and quiet.
On top of all that I have an 8 year old and a 1 year old who don't know what it's like to play outside in a yard. (No yards with my townhomes) I want them to have that ability and to be out of the area we are in now as it gets worse daily.
And lastly we found an immaculate home that is priced below market value that is exactly what we want. We don't want to pass it up and be unhappy in something else later on.