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Do any lenders use newer FICO models

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Anonymous
Not applicable

Do any lenders use newer FICO models

I am trying to qualify for an FHA loan but scores are low because lenders are using ancient FICO models. I would ask why they do that, but I'm sure the answer is, "because they can". But are there any reputable mortgage lenders out there using FICO 8, for example, or at least a model that's been created within this decade?
4 REPLIES 4
StartingOver10
Moderator Emerita

Re: Do any lenders use newer FICO models


@Anonymous wrote:
I am trying to qualify for an FHA loan but scores are low because lenders are using ancient FICO models. I would ask why they do that, but I'm sure the answer is, "because they can". But are there any reputable mortgage lenders out there using FICO 8, for example, or at least a model that's been created within this decade?

No, the mortgage lenders use the scores commonly used for mortgages so they have a consistent platform (since the loans and servicing of the loans are sold regularly).  

 

Two comments:

 

Try a portfolio lender - there may be one or two that use FICO 8 rather than the other scores - but you will have to search far and wide.

 

OR, find out what is keeping your mortgage scores low.  Pull your actual credit reports. Go to www.annualcreditreport.com so you have all the information you need to make corrections.  Go to the rebuilding forum here on MyFICO to see what you can do to improve your scores.  The most effective way to increase your scores in general include:

Message 2 of 5
Anonymous
Not applicable

Re: Do any lenders use newer FICO models

Thank you, great advice.

Message 3 of 5
Anonymous
Not applicable

Re: Do any lenders use newer FICO models



@Anonymous wrote:
I am trying to qualify for an FHA loan but scores are low because lenders are using ancient FICO models. I would ask why they do that, but I'm sure the answer is, "because they can". But are there any reputable mortgage lenders out there using FICO 8, for example, or at least a model that's been created within this decade?



Honestly if you have a clean profile, you can play the FICO maximizing game to get those scores up before apping.


If you have a dirty profile you really have to work on rehabbing AND rebuilding, which is a totally different game. 

 

Without knowing your FICO scores and your credit profile, it's impossible to give any advice.

Message 4 of 5
StartingOver10
Moderator Emerita

Re: Do any lenders use newer FICO models


@Anonymous wrote:


@Anonymous wrote:
I am trying to qualify for an FHA loan but scores are low because lenders are using ancient FICO models. I would ask why they do that, but I'm sure the answer is, "because they can". But are there any reputable mortgage lenders out there using FICO 8, for example, or at least a model that's been created within this decade?



Honestly if you have a clean profile, you can play the FICO maximizing game to get those scores up before apping.


If you have a dirty profile you really have to work on rehabbing AND rebuilding, which is a totally different game. 

 

Without knowing your FICO scores and your credit profile, it's impossible to give any advice.


^^^Exactly right. I gave you general info, but there is nothing better than pulling your scores and credit reports and actually reviewing and fixing what needs fixing.  The rebuilding forum can give you specific direction, but you would have to post the situation so they can respond accordingly.

Message 5 of 5
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