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FICO scores used for mortgage - and where to obtain them

Moderator

FICO scores used for mortgage - and where to obtain them

The FICO scores used for mortgages

 

  • Equifax Beacon® 5.0

  • Experian®/Fair Isaac Risk Model V2SM

  • TransUnion FICO® Risk Score, Classic 04

These are sometimes listed on the tri-merge mortgage report as follows:

 

  • Equifax/FICO classic V5 FACTA
  • Experian/Fair Isaac (Ver. 2)
  • Transunion/FICO Classic (04)

Note: they have been commonly referred to on the myFICO forums and elsewhere as:

 

  • EQ 04 aka FICO 5 (on the myFICO report)
  • EX 98 aka FICO 2 (on the myFICO report)
  • TU 04 aka FICO 4 (on the myFICO report)

Some Differences from FICO 8

 

http://ficoforums.myfico.com/t5/Mortgage-Loans/Mortgage-FICO-much-lower-than-FICO-8/m-p/4733536/high...

 

Availablility

 

Equifax: myFICO Equifax FICO Standard purchase, or FICO 3 Report View purchase.  Equifax Score Power purchase.  DCU provides this score monthly to it's membership

Experian: myFICO Experian FICO Standard purchase, or FICO 3 Report View purchase.  PSECU provides this score monthly to it's membership. NASA FCU now also provides this score to it's membership and is open to everyone.  This score is now purchasable via Experian as well as an "additional score" in their FICO 8 monitoring solution.

TransunionmyFICO Transunion FICO Standard purchase, or FICO 3 Report View purchase.

 

Updated 3/10/15 - addition of Transunion (yay!) and some clarifications

Updated 9/03/16 - addition of NASA FCU for EX mortgage score availability; linked forum post of differences between score versions

Updated 10/17/16 - forgot the MF interface names for the scores, sloppy on my part

Updated 1/9/17 - addition of Experian monitoring for mortgage score availability.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 1 of 116
115 REPLIES
Established Member

Re: FICO scores used for mortgage - and where to obtain them

Hi FICO friend!

 

How close are the FiCO scores that I've been monitoring on this website to what the mortgage lenders use?  Why is there a difference? 


TU608 EQ604 EX589: 800
TU608 EQ604 EX589: 800
TU650 EQ650 EX650: 850


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Message 2 of 116
Valued Contributor

Re: FICO scores used for mortgage - and where to obtain them


disneyworldfan wrote:

Hi FICO friend!

 

How close are the FiCO scores that I've been monitoring on this website to what the mortgage lenders use?  Why is there a difference? 


The monitoring scores are your FICO classic scores.  Not your mortgage score.  OP explained how you can obtain two of the three mortgage scores.  There's a difference because lenders use various FICO models that are more predictive for the type of loan they are providing.  

 

If you have a recent 3B report, then the additional scores provided include two of the three mortgage scores.  When I was home shopping, I used the alerts and simulators to determine what my best options were to improve my scores. Although the simulators aren't specific to mortgage, they do help to determine ways to improve your score.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


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Message 3 of 116
Established Member

Re: FICO scores used for mortgage - and where to obtain them

Thank you for clarifying. I had no idea there were so many different variations of my scores. 


TU608 EQ604 EX589: 800
TU608 EQ604 EX589: 800
TU650 EQ650 EX650: 850


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Message 4 of 116
Regular Contributor

Re: FICO scores used for mortgage - and where to obtain them

So would I just do the FICO Standard Purchase and select Equifax and Experian and that would show me the EQ Beacon 5.0 and Experian V2SM scores that mortgage lenders pull?

 

Just curious as the ones I get through banks listed in my sig are drastically different from the one a lender pulled - they said mine is 740 but wouldn't give me more information or show me the print out.

Walmart Discover TU08 FICO 12/07/15: 767 PSECU EX V2 FICO 12/05/15: 735
AMEX EX08 FICO 12/19/15: 778 PenFed EQ NG2 FICO 12/01/15: 717
Message 5 of 116
Moderator

Re: FICO scores used for mortgage - and where to obtain them


iDShaDoW wrote:

So would I just do the FICO Standard Purchase and select Equifax and Experian and that would show me the EQ Beacon 5.0 and Experian V2SM scores that mortgage lenders pull?

 

Just curious as the ones I get through banks listed in my sig are drastically different from the one a lender pulled - they said mine is 740 but wouldn't give me more information or show me the print out.


Yup, though the EX should match your PSECU monthly score; however, both Walmart and Penfed's scores are useless for mortgages.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 6 of 116
Moderator

Re: FICO scores used for mortgage - and where to obtain them

Haha, funny; figured would post it here since there's been a bunch of discussion on FICO 8's being higher than FICO 04/98's.

 

2/27/15:

EQ Beacon 9.0 (FICO 8) = 685

EQ Beacon 5.0 (FICO 04 / mortgage score) = 693

 

Can't really explain it other than I am beginning to suspect installment lines are getting weighed differently, but needless to say I was shocked seeing that as traditionally my FICO 8's have always been non-trivially higher than FICO 04/98's and I'm pretty much a poster child of broken credit till finding this forum and getting clean since then but with a bunch of derogatories which haven't fallen off yet.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 7 of 116
New Contributor

Re: FICO scores used for mortgage - and where to obtain them

Revelate - Where are you seeing the FICO 04?  I just pulled my 3-report view and am seeing the FICO Score 8 and FICO Score 5 in the Equifax score versions view.

Starting score: EQ FICO 8 702 (1/1/2012)
Current scores: EQ FICO 8: 763 / TU FICO 8: 760 / EX FICO 8: 765

Wallet: Chase Freedom 12K - Discover More 12K - Walmart 1K - Capital One MC 1K
Message 8 of 116
Moderator

Re: FICO scores used for mortgage - and where to obtain them


Movin_on_up wrote:

Revelate - Where are you seeing the FICO 04?  I just pulled my 3-report view and am seeing the FICO Score 8 and FICO Score 5 in the Equifax score versions view.


Beacon 5.0 is Equifax's version of the FICO 04 algorithm.  Not certain why myFICO decided to "simplify" the score names, in my estimation it only made it more confusing but the FICO Score 5 and my labelling of FICO 04 are identical as far as algorithms / scores, just different names for the same thing.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 9 of 116
New Contributor

Re: FICO scores used for mortgage - and where to obtain them

Got it - thanks!

 

My Equifax scores are indentical:

FICO 8: 763

FICO 5: 763

 

But my Experian's have distance:

FICO 8: 765

FICO 2: 782

Starting score: EQ FICO 8 702 (1/1/2012)
Current scores: EQ FICO 8: 763 / TU FICO 8: 760 / EX FICO 8: 765

Wallet: Chase Freedom 12K - Discover More 12K - Walmart 1K - Capital One MC 1K
Message 10 of 116