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08-10-2017 11:36 AM
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.
08-10-2017 04:26 PM
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.
09-05-2017 02:27 PM
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?
09-06-2017 08:03 AM
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.
09-10-2017 05:30 AM
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.