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FICO scores used for mortgage - and where to obtain them

Established Member

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

ok so question for all of you.....

my mortgage guy pulled my credit in Jan 2015 and here is where i came out:

Equifax: 590

Trans Union: 662

Experian: 606

In order to qualify for "automated underwriting" approve/eligible i need a median of 640.....

have been working on credit utilitization etc.

so for February i paid down cards (I don't have huge limits) to under 30% and then pulled my reports/paid for my scores through annual credit report last week....

Equifax: 636

TransUnion: 655 (from FICO on my Barclays account)

Experian: 678 (i pulled experian directly through Experian)

 

So obviously i still have work to do....and mortgage broker told me to pay down to 10% or below for credit utilization for bigger bump (my overall utilitization was 19%) but he said it needs to be below 10%.

On the report he pulled in January i see the Source/Model info as follows:

 

Experian/Fari Isaac (Ver. 2)

Transunion/FICO Classic (04)

Equifax/FICO classic V5 FACTA

 

so my question......how can i see for myself (don't want him to pull as i don't want to be DINGED for inquiry) what my real score is that the lender sees?

Pulling FICO 8 isn't the same model and seems pointless, right?

 

I have two of my C/Cs that close on March 12th and 14th that are set to be paid and then i will be under 10% for those two.

Should i expect a score change when that update happens?

I am sooo anxious over all of this...losing sleep.....worried i won't get qualified and i need to move in the coming months.....

Thank you guys for any input.

Smiley Happy

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
Message 11 of 118
Valued Contributor

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

if you purchase your EQ and EX scores from here at myfico, you get the below scores with the purchase.  TU is not avaible here yet.  By knowing 2 of your 3 scores, you will know the highest your mid-score can be (best case scenario) or the lowest it can be (worst case scenario).

 

Experian/Fair Isaac (Ver. 2)

Equifax/FICO classic V5 FACTA

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 12 of 118
Established Member

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

Thank you.....that is what i thought but wanted to make sure. 

Smiley Happy

Now its figuring out how to get that 640 median.....

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
Message 13 of 118
Established Contributor

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

...a succinct reply if I ever saw one Smiley LOL


Helpful Links: Do I Qualify? | Mortgage Calculator | USDA Mortgages | Opt Out | FICO Versions
Last HP: 11/04/15 | myFico 3B Jun 10 '15:FICO8 EQ - 752 | TU - 763 | EX - 750
Message 14 of 118
New Member

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

Hello,

 

I just signed up for the 3B with scores $25.00/month plan (last week) and it gave me my TU04 mortgage score. Must have been implemented last week and I got lucky.

Message 15 of 118
Moderator

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


pantherfan203 wrote:

Hello,

 

I just signed up for the 3B with scores $25.00/month plan (last week) and it gave me my TU04 mortgage score. Must have been implemented last week and I got lucky.


Ooh thanks for the heads up!

 

I can't find the Transunion disclaimer anywhere on the site anymore so it's entirely possible that it's been added.  Going to look for confirmation, and will be pulling my 3B report anyway on 3/16 morning before I submit my first mortgage application regardless.

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 16 of 118
New Contributor

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

I pulled my transunion yesterday and I can confirm that now TU hax the extra scores also. PERFECT!

Message 17 of 118
Moderator

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


Martis wrote:

I pulled my transunion yesterday and I can confirm that now TU hax the extra scores also. PERFECT!


Thank you for the confirmation!  I've added the information to the main post.

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 18 of 118
Member

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


Revelate wrote:

Martis wrote:

I pulled my transunion yesterday and I can confirm that now TU hax the extra scores also. PERFECT!


Thank you for the confirmation!  I've added the information to the main post.



With regards to the mortgage scores shown below the "standard / classic" fico 8 score, the notation above the mortgage score refers to that score as being the "previously used version" or something to that effect????? Anyone able to shed light on that notation?  Also, all of my scores jumped from the 710 range a few months ago (standard fico) to the 740 range for no obvious reason, and last month fell back again with no significant changes to my credit reports. As Commodus would say, "I am vexed, I am greatly vexed!  Any tweaking of the scoring model recently?   By the way, thanks to all you folks who share on here, tremendously helpful and appreciated.

Message 19 of 118
Moderator

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


zulutulu wrote:

With regards to the mortgage scores shown below the "standard / classic" fico 8 score, the notation above the mortgage score refers to that score as being the "previously used version" or something to that effect????? Anyone able to shed light on that notation?  Also, all of my scores jumped from the 710 range a few months ago (standard fico) to the 740 range for no obvious reason, and last month fell back again with no significant changes to my credit reports. As Commodus would say, "I am vexed, I am greatly vexed!  Any tweaking of the scoring model recently?   By the way, thanks to all you folks who share on here, tremendously helpful and appreciated.


It simply means that isn't the current version that FICO is currently marketing / selling... and frankly, should be ignored.  The fact is that lenders will determine which version they wish to use, and that's what matters at the end of the day.  For mortgages we explicitly know which ones are being used, and in this case the "previously used version" is actually the legit gold standard for a mortgage application.

 

The individual scoring models haven't changed, quite likely there was a change in the underlying reports (like a dispute) which was then rectified / updated back to original status.  There may be some wonkiness in the system but it's unlikely it would've affected all three bureaus similarly, so this one was likely a legit temporary change in my opinion.

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 20 of 118