FICO 8 went up 40 points--what about mortgage score?

[Anonymous]

I paid off $2.5k worth of credit card debt and my FICO 8 scores jumped up 40, 41, and 80 points. Hooray!

Equifax 654 to 694             

Trans Union 661 to 702     

Experian 704 to 783          

I just paid $60 for my 3b report 2 weeks ago, before the credit card payoff and updated FICO scores, and my mortgage scores were 660, 705, 723. Is it fair to assume that my middle (trans union) mortgage score might be 720+ now after the 40 points increase in the FICO 8 scores? Or should I just pull the trigger and pay another $60 to make sure either way...??

My goal was to get to 720 before giving my LO the green light to do a hard pull, and I'm not really wanting to spend the money needlessly! But I will if wise myfico members think I should . . .

[Anonymous]

Great question and I'd love to hear the answer because I paid down close to the same amount on all my credit....1.9K debt and I haven't seen an increase at all on my dashboard. 

[Anonymous]

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@Anonymous wrote:

Great question and I'd love to hear the answer because I paid down close to the same amount on all my credit....1.9K debt and I haven't seen an increase at all on my dashboard. 

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It took about 2 1/2 weeks for the dashboard to update after I paid the credit debt off. It all depends on when the credit card companies report to the bureaus. 

Still hoping someone has an idea about how much mortgage scores will go up as a result...

[jd403]

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@Anonymous wrote:

I paid off $2.5k worth of credit card debt and my FICO 8 scores jumped up 40, 41, and 80 points. Hooray!

Equifax 654 to 694             

Trans Union 661 to 702     

Experian 704 to 783          

I just paid $60 for my 3b report 2 weeks ago, before the credit card payoff and updated FICO scores, and my mortgage scores were 660, 705, 723. Is it fair to assume that my middle (trans union) mortgage score might be 720+ now after the 40 points increase in the FICO 8 scores? Or should I just pull the trigger and pay another $60 to make sure either way...??

My goal was to get to 720 before giving my LO the green light to do a hard pull, and I'm not really wanting to spend the money needlessly! But I will if wise myfico members think I should . . .

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If your FICO 8 scores updated and you had trigger changes to your reports, the mortgage scores are updated.  I had 2 accounts deleted from each CRA and the next day when I got the FICO alert that my FICO 8 scores had updated I pulled a new 3B and my mortgage scores jumped.  Experian went up over 100 points.  I know that for me, I needed to know before I had lenders pull so I bought the new report

[Dw4250]

It's really impossible to say as many peoples mortgage scores are quite different from "normal" scores I'm around 735-750 with my FICO 8 scores, but 691, 693, 725 in mortgage scores. I had a few 30 day lates on my mortgage back in 2011, and have a feeling that's what is pulling down my scores.

IMHO if you're buying a home, you're going to be shelling out thousands of dollars the next few months. $60 for knowledge and piece of mind seems like a worthwhile investment.

Good luck with the new home search!

[jd403]

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@Anonymous wrote:

Great question and I'd love to hear the answer because I paid down close to the same amount on all my credit....1.9K debt and I haven't seen an increase at all on my dashboard. 

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I noticed that 4-7 days after my card statements cut, I got alerts from FICO that showed the score change and reason.  If you haven't, download teh app for your phone and you get set up text alerts.

Also, I believe the dashboard only updates once a month but the app on your phone updates often.  I may be wrong with the full site dashboard but I use my phone app daily

[Anonymous]

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I noticed that 4-7 days after my card statements cut, I got alerts from FICO that showed the score change and reason.  If you haven't, download teh app for your phone and you get set up text alerts.

Also, I believe the dashboard only updates once a month but the app on your phone updates often.  I may be wrong with the full site dashboard but I use my phone app daily

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Yes, I have the same alerts sent to me, which is why I knew my scores had improved due to 0 balances on my credit cards.

[Anonymous]

The app just so happens to not be compatible with ANY of our devices. SMH  This ballgame just gets worse and worse. 

[Anonymous]

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DawgPoundSound wrote:

The app just so happens to not be compatible with ANY of our devices. SMH  This ballgame just gets worse and worse. 

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 But updates should be sent to your email account (which you access with a smartphone at any time) and then there's no need for the actual app itself. That's how I received my updates, btw.

[Anonymous]

Mortgage scores are updated when purchasing a new report, or if you have the 3b ultimate package, every 3 months will allow a new credit report and new mortgage, bank card, auto scores, etc.