Do the Mortgage Scores update or just FICO 8?

[Anonymous]

I'm desperately trying to make up 19 points to qualify for an FHA loan on the house I'm renting, I've been there 9 years and he's being nice enough to give me until January to see if I can qualify.  So far I've bumped my utilization down from 75% to about 50% and plan to have it down under 25% by the end of October and 10%, barring emrgencies, my FICO 8 score has bumped a little up so far.

On that note my question is do the mortgage scores update as well as FICO 8 or is the initial mortgage score the one you have at that moment myFICO reports the score and doesn't update any longer?  My FICO 8 has increased some in the last few weeks as I'm paying down credit cards, but the mortgage one hasn't changed, so I wasn't sure if it was because those other scores don't update or the mortgage scores are really not moving despite my FICO 8 score jumping.  

If the mortgage score is indeed static from the first calculation,  how do you get an updated mortgage score?  Also, can you take anything at all from the FICO 8 score going up in correlation to the mortgage scores, wasn't sure what people's experiecence was with that, I know they both probably don't jump the same amout of points all at once, but if my FICO 8 goes up 30-40 points, I was wondering if that would at least mean my mortgage scores would rebound the 19 I'm trying to make up.

[Anonymous]

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@Anonymous wrote:

I'm desperately trying to make up 19 points to qualify for an FHA loan on the house I'm renting, I've been there 9 years and he's being nice enough to give me until January to see if I can qualify.  So far I've bumped my utilization down from 75% to about 50% and plan to have it down under 25% by the end of October and 10%, barring emrgencies, my FICO 8 score has bumped a little up so far.

On that note my question is do the mortgage scores update as well as FICO 8 or is the initial mortgage score the one you have at that moment myFICO reports the score and doesn't update any longer?  My FICO 8 has increased some in the last few weeks as I'm paying down credit cards, but the mortgage one hasn't changed, so I wasn't sure if it was because those other scores don't update or the mortgage scores are really not moving despite my FICO 8 score jumping.  

If the mortgage score is indeed static from the first calculation,  how do you get an updated mortgage score?  Also, can you take anything at all from the FICO 8 score going up in correlation to the mortgage scores, wasn't sure what people's experiecence was with that, I know they both probably don't jump the same amout of points all at once, but if my FICO 8 goes up 30-40 points, I was wondering if that would at least mean my mortgage scores would rebound the 19 I'm trying to make up.

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The mortgage scores only update if you buy another 3b report. They do not automatically update.

[2b2rich]

Nope, they don't unless, as someone else pointed out, you update the report.  You don't have to purchase the 3in1 if you only need to see an updated score version on one report.  For example, if Equifax is the only report that you need to see the updated mortgage score, then you could just purchase the equifax report.

Also, I've learned that playing with the simulator, it only uses the data from your last report, including the old score.

[Sassy_Taurus]

I'm also trying to get my score up so that I can app December/January. I purchased the 3 report monitoring and saw my scores. They were exactly the same as the ones pulled by my LO. I've been watching my score go up with Fico 8 after adding a few credit cards to the mix. I'm hoping that the 40 points that's I've seen also helped my mortgage scores.

Good luck to you.

[2b2rich]

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@Sassy_Taurus wrote:
I'm also trying to get my score up so that I can app December/January. I purchased the 3 report monitoring and saw my scores. They were exactly the same as the ones pulled by my LO. I've been watching my score go up with Fico 8 after adding a few credit cards to the mix. I'm hoping that the 40 points that's I've seen also helped my mortgage scores.

Good luck to you.

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I'm sure that it has, how much though, is anyone's guess until you pull them and look.  With my own personal reports, TU & EX Fico 8s are higher than the mortgage score, but EQ, the mortgage score is about 50pts higher than the fico8.  To me, it seems like the fastest way to move a mortgage score up, is by having as many of your credit cards report a zero balance.