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Hi Everyone.
I signed up for myfico about a month ago and have been reading the messages posted here diligently. My husband and I are trying to get a mortgage loan. My scores are great. I have been trying to increase my husband's FICO scores. MyFICO shows my husband's middle score to be 620 (equifax) as of 1/4/10. I pulled it again yesterday, 1/7/10, and it was still 620. Yesterday, I called the lender and asked him to rerun the FICO scores, and the company he is going through is showing a middle FICO of 608 for equifax. Why would the lender get a middle FICO of 608 and MyFICO show 620 for equifax? The lender says he has no idea why they would pull different score on the same day. Does anyone know the answer?
I also have another question. My husband has a lot of late paments on his credit record dating back to 2007. I have already sent out a batch of goodwill letters to the creditors - no luck as of yet. We paid off all of his credit cards (we had consolidated them) and the creditors closed them after they were paid in full. My husband has four vehicles in his name (one of the vehicles his ex-wife kept, and the other one is a motorcycle that his son has and pays for as well). We have already verified that we can provide proof that he does not pay for those two vehicles and they will not be counted in our debt ratio. So, my husband only pays for two vehicles. I have a credit card that I have had for quite awhile (several years) and I have never been late on it. It has a balance of $4300 on it with a $20,000 credit limit on it. If I add my husband as an authorized use on my credit card, will I see a noticeable increase in his FICO scores as soon as it is reported to the credit bureaus?
Any advice is appreciated. Thank you so much.
The credit card I have is through Bank of America, does anyone know if they report to the bureaus?
@mortgagehopeful wrote:Hi Everyone.
I signed up for myfico about a month ago and have been reading the messages posted here diligently. My husband and I are trying to get a mortgage loan. My scores are great. I have been trying to increase my husband's FICO scores. MyFICO shows my husband's middle score to be 620 (equifax) as of 1/4/10. I pulled it again yesterday, 1/7/10, and it was still 620. Yesterday, I called the lender and asked him to rerun the FICO scores, and the company he is going through is showing a middle FICO of 608 for equifax. Why would the lender get a middle FICO of 608 and MyFICO show 620 for equifax? The lender says he has no idea why they would pull different score on the same day. Does anyone know the answer?
I also have another question. My husband has a lot of late paments on his credit record dating back to 2007. I have already sent out a batch of goodwill letters to the creditors - no luck as of yet. We paid off all of his credit cards (we had consolidated them) and the creditors closed them after they were paid in full. My husband has four vehicles in his name (one of the vehicles his ex-wife kept, and the other one is a motorcycle that his son has and pays for as well). We have already verified that we can provide proof that he does not pay for those two vehicles and they will not be counted in our debt ratio. So, my husband only pays for two vehicles. I have a credit card that I have had for quite awhile (several years) and I have never been late on it. It has a balance of $4300 on it with a $20,000 credit limit on it. If I add my husband as an authorized use on my credit card, will I see a noticeable increase in his FICO scores as soon as it is reported to the credit bureaus?
Any advice is appreciated. Thank you so much.
Does your husband have any other credit cards? If so what are the balances on those credit cards? How long have you had the credit card you would like to add him as a authorized user on? Have you had any late payments on this credit card?
You have a 20% utilization on the credit card you mentioned in your post, you don't want to add him as authorized user if he has a high balance on other cards. Having a high utilization on credit cards will lower your score. This is why I am asking before saying if its a good idea to add him as a AU. And it takes time for the creditor to report to the credit bureaus that he is a AU. Do you have time? It may take 30 or more days.
In reference to why you are seeing a different score than your lender it could be due to the scoring model your lender is using. The EQ score we pull from myfico uses a Beacon 5.0 scoring model I believe. You will need to find out what scoring model your lender is using. For us, our EQ score was exactly the same because the scoring model was the same, but TU was a few pts higher for me and about 30 points lower for my husband.
Good luck!
Thank you so much for replying. My husband currently does not have any other credit cards at all now, and all were paid in full and closed by the creditors. We had consolidated all of his credit cards and I paid them all in full last summer. Therefore, he has no credit cards right now, unless his ex-wife still has one that he was on and is still open, but if she does, they are all zero balances because I checked the credit report. I have never been late on my credit card and I have had it for at least 5 or 6 years, maybe longer (I cannot remember exactly when I got it).
Also, from all of my research, I thought all agencies used the Beacon forrmula for the equifax FICO?
@mortgagehopeful wrote:Thank you so much for replying. My husband currently does not have any other credit cards at all now, and all were paid in full and closed by the creditors. We had consolidated all of his credit cards and I paid them all in full last summer. Therefore, he has no credit cards right now, unless his ex-wife still has one that he was on and is still open, but if she does, they are all zero balances because I checked the credit report. I have never been late on my credit card and I have had it for at least 5 or 6 years, maybe longer (I cannot remember exactly when I got it).
Also, from all of my research, I thought all agencies used the Beacon forrmula for the equifax FICO?
Well then I'm sure it will definitely do his score some good to have you add him as a authorized user to your BOA card. Especially since you have never been late and it has a good amount of history. If you don't get a lot of responses, I would post the AU question on the Credit Cards forum and get their opinion.
Now I thought the same about EQ...hopefully someone more experienced can chime in about that.
Mortgagehopeful, i had the exact same problem and asked the same question here is how it was explained to me:
XPN -Experian/Fair, Isaac V2 617
EFX -EQUIFAX BEACON 5.0 602
TUC -FICO CLASSIC 2004 621
these are the scores my mortgage agent pulled on the 24th of december.
on the 24th of december i pulled from this website and got
Transunion:596
EQUIFAX 602
The EQ score from here is the Beacon 5.0 version, just like what your loan officer pulled.
The TU score from here uses the TU 98 version - not the TU 04 - that's why your scores are different.
The EX score that you pulled on Experian's website is not a FICO score. It is a "Plus" score that does not uses a proprietary scoring formula that generally does not serve as an accurate predictor of the Experian FICO score
I hope this helps ^^
Though I believe the vast majority of lenders are still using Equfax's Beacon 5.0 version of the FICO score (which is the version used here), there is a newer version, called Beacon 09. It was just rolled out last summer. Perhaps the lender is using that version now.
Call the lender and ask for the specific version of the EQ score that was pulled. Maybe they've moved onto Beacon 09.
Hi Everyone.
I signed up for myfico about a month ago and have been reading the messages posted here diligently. My husband and I are trying to get a mortgage loan. My scores are great. I have been trying to increase my husband's FICO scores. MyFICO shows my husband's middle score to be 620 (equifax) as of 1/4/10. I pulled it again yesterday, 1/7/10, and it was still 620. Yesterday, I called the lender and asked him to rerun the FICO scores, and the company he is going through is showing a middle FICO of 608 for equifax. Why would the lender get a middle FICO of 608 and MyFICO show 620 for equifax? The lender says he has no idea why they would pull different score on the same day. I thought all agencies used the same formula (Beacon) for equifax. Does anyone know the answer?
I also have another question. My husband has a lot of late paments on his credit record dating back to 2007. I have already sent out a batch of goodwill letters to the creditors - no luck as of yet. We paid off all of his credit cards (we had consolidated them) and the creditors closed them after they were paid in full. My husband has four vehicles in his name (one of the vehicles his ex-wife kept, and the other one is a motorcycle that his son has and pays for as well). We have already verified that we can provide proof that he does not pay for those two vehicles and they will not be counted in our debt ratio. So, my husband only pays for two vehicles. To make a long story short, I have a credit card that I have had for quite awhile (several years) and I have never been late on it. It has a balance of $4300 on it with a $20,000 credit limit on it. If I add my husband as an authorized use on my credit card, will I see a noticeable increase in his FICO scores as soon as it is reported to the credit bureaus?
Any advice is appreciated. Thank you so much.