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Established Member
Posts: 17
Registered: ‎09-09-2014

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

Just to throw my .02 into the fire here...

 

I just got preapproved for a mortgage thru Quicken.  They did a hard pull on our credit.

 

The MID mortgage scores given to me by myFico's credit report I ordered on saturday, were the same ones on the credit pull I received from Quicken..

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Posts: 64
Registered: ‎07-30-2008
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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.


Yes it is an old version of the FICO and that is what the lenders use.

 

Are you saying that in the last couple of months no balance changes on any credit card or loans that you may have?

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Registered: ‎02-22-2013
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Re: FICO scores used for mortgage - and where to obtain them

So I'm going through the mortgage process myself and have been shocked by the scoring. The Fico 08 scores for me were 60-70 points higher then the mortgage weighted score that you get from the newest 3 bureau pull from here. The mortgage weighted scores matched up exactly to what my mortgage guy pulled. So if you're getting a mortgage then buy the 3 bureau because it's worth it.

 

With that said Fair Isaac has a new score coming out called the Fico 09. It's supposedly not going to knock you for medical collections. If this happens I bet the CA's will "forget" to note that accounts are medical debt. The reason why companies haven't used Fico 08 is because they have to pay for it. Maybe with the 09 coming out they'll upgrade to the 08 score.


Starting Score: 625 TU MyFico 604EQ My Fico 596 EX USAA FAKO Feb 2013
Current Score: 625 TU MyFico 604EQ My Fico 596 USAA FAKOEX
Goal Score: 750


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Member
Posts: 5
Registered: ‎12-13-2012
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Re: FICO scores used for mortgage - and where to obtain them

A small personal loan I had taken out for credit building purposes was paid off, but a 30 point drop seems like an extreme reaction. Not sure, I have 6 active trade lines, so it is not like my file is that thin.

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Posts: 64
Registered: ‎07-30-2008
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Re: FICO scores used for mortgage - and where to obtain them

Paying off a loan is a obvious reason for credit score change, unfourtanely is a drop in the score. Purchase one of the monitoring service and you will see any change how much is affecting your credit score.

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

zulutulu,

 

it is very well possible.  Can i assume the drop was with Experian?  We had a similar experience.  My DH paid off his car loan, and his EX mortgage score dropped around 15pts.  His EQ and TU scores did not change.  It became a problem for us because EX was his mid score...this made EQ his mid and it was lower than what was needed, so we had to work to get his EQ score up above 680.  Even as of last week, when i pulled our scores from myfico, his EQ had rose to 690 but his EX is still lagging behind.

 

and, my DH still has a mortgage, student loan, and my car loan still reporting open/paid as agreed/no lates.  It's lead me to beleive that the older FICO versions score closed accounts much more negatively than the newer versions.

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Registered: ‎12-13-2012
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Re: FICO scores used for mortgage - and where to obtain them

my scores dropped across the board, all 3 bureaus. I had also paid pretty much everything down to a zero balance, which I am starting to see is naughty.  Case in point, 2 of my card accounts just refreshed and now have a few hundred dollars balance showing. Equifax score went up 8 points. I smell a rat.

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Registered: ‎12-30-2011
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Re: FICO scores used for mortgage - and where to obtain them


zulutulu wrote:

my scores dropped across the board, all 3 bureaus. I had also paid pretty much everything down to a zero balance, which I am starting to see is naughty.  Case in point, 2 of my card accounts just refreshed and now have a few hundred dollars balance showing. Equifax score went up 8 points. I smell a rat.


To your earlier post, I lost 15-20 points acrossed the board on FICO 8 when my auto loan was paid off and I lost another 4-5 points when a secured installment loan was subsequently paid off.  I had two other secured installment loans reporting (though fairly recently) and a total of 17 tradelines on my report.  On the flipside, my EQ Beacon 5.0 which is a score I actually care about didn't blink, and this past month has never been higher even with suboptimal balances reporting.  

 

As for all revolving accounts being zero, it is a straight negative... somewhat absurd from the consumer perspective, but it's a well known and tested fact likely for historical reasons in the algorithms.  Fairly recently (within the last three years) all of the bureuas have added the data field to report actual payments for a given month, which can demonstrate activity, but not all lenders are reporting that data so far and as such at least algorithms such as FICO 8 (which was released in 2008, well before this information was available) don't take it into account.  FICO 9 *might* but I'm not holding my breath, it's likely something that won't be changed in the algorithm until FICO 10 at the earliest.

 

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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Member
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Registered: ‎12-13-2012
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Re: FICO scores used for mortgage - and where to obtain them

Good stuff, thanks for taking the time!

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Posts: 85
Registered: ‎03-04-2015
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Re: FICO scores used for mortgage - and where to obtain them

sorry......beating same drum.....

but i am pretty sure i already know the answer.

I am hesitant to have my mortgage broker run my credit.....the ding for the inquiry.....since i am worried i won't be at or over the magic 640 mark.

I pulled my fico scores on March 11th....

Experian Fico 2 was 656

Equifax Fico 5 was 652

I did not pull TU since i thought it didn't pull on myfico....though i think that has just changed (based on the posts i just read in this thread).

I pulled Credit Karma (which was probably a waste of time but did it anyway) yesterday and Equifax shows 640 and Trans Union shows 636 (and TU had not done ANY updates since February.....so none of my under 10% CU was updated)....

 

My thought is get the $24.95 3 bureau scores and credit monitoring through My Fico......and it seems by what everyone has posted here that the scores here (not FICO 8) are really pretty right on to what the lender will pull? Right?

I am just soooo freaked out aobut having lender pull and score is not high enough (my own internal crap since i have worked so hard on this).....

 

I am really just trying to make sure i am really in the mid 650s......and that what myfioc pulls for the lender models are pretty right on to what the lender will pull.

Lender pulled me in January and the modelling was

Experian Ver 2

Transunion Classic 4

Equifax V5

 

My March 11th myfico

Equifax score 5 was 652

Experian Score 2 was 656

 

i feel like the "pulling of the trigger" for my mortgage broker is me pulling a trigger on a gun at my head.......

 

 

 

 

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708

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