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FICO scores used for mortgage - and where to obtain them

New Visitor

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

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.

Message 111 of 120
Established Member

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

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.

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
Message 112 of 120
Established Member

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

 
Message 113 of 120
Member

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

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?

Message 114 of 120
Community Leader
Senior Contributor

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

Hi Stephmac.  Glad you here with us on the forums.  My reply below in blue.

 


stephmac wrote:

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:

 

https://www1.myfico.com/products/fico-credit-monitoring

 

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.

 

 


 

Message 115 of 120
Member

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

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. 

Message 116 of 120
New Visitor

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


StartingOver10 wrote:


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. 

Message 117 of 120
Valued Member

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

I am trying to apply for a mortage through veteransunited.com and using the VA loan benefit. They approved me 2 months ago with a loan that is lower than what I wanted. I was told that my EQ is 720.  It is due to my current high revolving credit card balance that put a hit on my credit scores. The last two months I paid off more than $11,000 balance. I used a bit credits but pay them off right away again so that my principals are paid off. I didn't sign the agreement with veteransunited.com yet since I told my agent that I am planning to reapply for the loan meaning have him pull the credit score again in next few months. 

 

   I tried to pull my credit report from annualcreditreport.com but I only got Equifax while EQ and TU couldn't be processed. The report doesn't provide me any score Smiley Sad. I don't know what is the deal with Experian but I have a current dispute with TU due to significant balance error of ~$6000 on Amex. I also have the $5000 difference on Citi. Amex balance has been paid 2 months ago while a portion of Citi is probably paid off before the update. So I tried to dispute my balance with EQ using the File Report# I just received from annualcreditreport.com. While in the middle of updating the information I was suddenly kicked out by EQ. I login again to EQ but it says that my information doesn't match (weird right?). So right now I want to buy credit scores from myfico.com so that I could use the new File Report# for disputes.

 

1. Are those reports using the latest Fico score model or the old score model?

2. Do you think I can ask Veterans United what type of scores are they looking at?

 

I am very confused right now with so many score models out there. I also heard that some companies are currently using Vantage Scores too. My Vantage Scores are generally lower than Fico. Due to lack of updates, I have TU Vantagescore drops to 639 while Fico remains 730. Like I said I am confuse and also annoyed with the whole mutipe score models that different lenders are using. Sorry for the long rambles and thank you if any of you could provide some information. Thank you.



Starting Score: (Nov 13) EQ 650, EXP 750, TU 750
Score: (Aug 2, 2014) EQ 722, EXP 780, TU 777
Score: (Aug 11, 2014) EQ 781, EXP 784, TU 779
Score(Nov 22, 2014) EQ 814, EXP N/A, TU 781
Score(Dec 16, 2017) EQ >720?, EXP ?, TU >730?
Goal Score: EQ 820, EXP 800, TU 800 | Take the myFICO Fitness Challenge
Message 118 of 120
Established Member

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

Update - Wells Fargo is also providing the Experian FICO 2 now in conjunction with my Cash Wise Visa.

DCU is still providing the Equifax FICO 5

Anyone aware of a free monthly Transunion mortgage FICO?

Discover IT:21500 | Amex BCE:21900 | TJX:6000 | First Bankcard:10000 | Home Depot:8000 | Walmart:10000 | Citi Diamond Preferred:17600 | Citi Double Cash:7000 | USAA Limitless:24500 | Uber Visa:6000 | Wells Fargo Cash Wise:6000 | USAA Cashback Rewards Plus:15000 | Target Red Card:1500 | US Bank Cash+:10000 | Chase Slate:2000 | Amazon Visa:2000 | Chase Freedom:11000 | Citi Costco:10500
--------------------------------------------
FICO 8's: EX-835 / TU-837 / EQ-840
Message 119 of 120
Moderator

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


nexace wrote:
Update - Wells Fargo is also providing the Experian FICO 2 now in conjunction with my Cash Wise Visa.

DCU is still providing the Equifax FICO 5

Anyone aware of a free monthly Transunion mortgage FICO?

Actually, the WF one is EX FICO 2 Bankcard (out of 900); that's not used for mortgages.

 

I still don't know of any free TU FICO 4 sadly; it'd be from a CU if anywhere most likely but the years ago method of the Lending Club pre-qual is gone.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


Take the myFICO Fitness Challenge
Message 120 of 120