I read the answer to the question and still don't have a clear understand. If I apply for a mortgage will the scores match if had how big of a difference in your site is there to the score the mortgage company will see.
You have to look at the scores that the mortgage companies use. They should be right on (within a few points). There are different models that are used by different industries (car loans etc.) I believe they differentiate the different models and specify which ones the mortgage companies use.
How often are the mortage scores 2-3-4 updated? My Transunion score just increased by 20 points but nothing on the scores increased. Also was just added as an authorized user with a credit score of 779, no late payments. In hopes of moving my credit score up high enough to get a loan. How often will the Cabela's Visa card report to the 3 credit bureaus like they said they would when I was added?
Hi Stephmac. Glad you here with us on the forums. My reply below in blue.
How often are the mortage scores 2-3-4 updated? My Transunion score just increased by 20 points but nothing on the scores increased.
I am guessing that you have purchased the myFICO Ultimate 3B credit monitoring product. And you are asking how often this particular credit monitoring product will update your mortgage scores. Is that right?
If so, it gives you frequent updates of your FICO 8 Classic score, but all the other scores you got in your report (mortgage, auto, bankcard, etc.) will not be updated until it gives you another 3B report. You get those reports quarterly (i.e. every 90 days) as you can see in this product description:
Also was just added as an authorized user with a credit score of 779, no late payments. In hopes of moving my credit score up high enough to get a loan. How often will the Cabela's Visa card report to the 3 credit bureaus like they said they would when I was added?
It will take Cabela's a while to submit your new AU account to the three credit bureaus. It might take them two weeks, or it could take them two months. I suggest that you get a tool that will enable you to frequently pull your reports for free. By frquently checking your reports, you will find out when the AU account has appeared. A good choice for that tool would be Credit Karma (though you should ignore their scores). Karma will give you a freshly updated report as often as once every seven days.
You write that you were "added as an authorized user with a credit score of 779." Do you mean that you currently have a 779, or that the person owning the card has a 779? The score of the cardholder won't affect you (either to help you or hurt you). What matters is the balance on that card, its credit limit, and its age. You ideally want to be added to a very old and clean card. Being added to a young card won't help.
You mention that you have " hopes of moving my credit score up high enough to get a loan." What kind of a loan? Home loan? Auto loan? Personal loan? Different loan types use different scores.
I purchased the 3B scores and just updated it so it will now update monthly.
Also I was added to a person who has a score of 779 with excellent payment record and a card that is about 2-3 years old. When she added me they told her I would be added from the date the card was opened.
The bank told me I needed a 580 score, I have 592 experian, 545 Transunion and 513 with equiafax (SCORE 2-3-4 which the mortgage companies use). I am hoping once it hits my credit report that I am an authorized user my scores will go ALOT higher.
The mortgage scores here are the same. When you pull your own, it is a consumer pull (soft pull) and not a hard pull like the lender pull.
Credco is a third party vendor that your lender uses to pull scores. If you pull on the same day you will see the scores are identical. When the mortgage scores are pulled on different days they could be different if the information in the credit report is different.
30% of the FICO mortgage score is due to utilization so yes, having high credit card balances will tank your score especially if the card is maxed out at 80% balance or above.
If you want to increase your score pay off all of your balances except for one card and let it report a balance of 1% to 9% of that individual credit card limit. That will optimize your score from a utilization point of view.
If your broker still doesn't understand, either have him come here to research and learn or go to another lender. Some brokers are fantastically good at their jobs - many are not. Make sure you are using one of the fantastic brokers.
I don't know who you are, but you are god-sent.