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FICO scores used for mortgage - and where to obtain them

Moderator

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

Yes, your mortgage scores here are the same ones that your lender uses. Of course if there are changes to your credit report between your pull and your lenders pull those changes could reflect in your score. You actually could make application now with confidence based on the scores you just provided.

 

Feel confident that those are the scores and congratulations! if you want to make extra sure, just pull the 3 B report that shows all three mortgage scores. You might want to wait until you know the new balances have updated if you want to see the effect of your balance paydowns. Sounds like you have everything handled Smiley Happy

 

Message 31 of 118
Established Member

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

OMG.....starting over...Thank you......i don't feel like i have everything handled.....Smiley Sad

but thank you for the vote of confidence...Smiley Happy

the whole score thing has me wigged out......

i just got an alert update from Experian this am that my credit utilization has been further reduced......Smiley Happy......so i have a feeling if i pull today (soft through my fico) i may be better than what i saw on March 11th....FINGERS CROSSED.

the 3 bureau score and monitoring for $24.95/month seems like the best deal..... at least for now until i am closing escrow and get keys to my house...LLLOOOLLLL

then i will still get the three scores, right?

Thank you again.

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
Message 32 of 118
Moderator

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

I don't know if that report with the monitoring has the mortgage scores or not - I thought it was just FICO 08 which is not the mortgage score. The 3B report I was referring to that I know has the mortgage scores (and auto enhanced scores and bankcard scores and FICO 08) is this one (without monitoring). http://www.myfico.com/Products/FICO-Score-3-Report-View/
Message 33 of 118
Established Member

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

FICO 3-Bureau Credit Monitoring monitors all three of your credit reports while helping you understand and monitor your full credit picture.

Plus, monitor changes to your FICO® Score 8, the FICO® Score most widely used by lenders, from each of the three bureaus, and view additional FICO® Score versions with each credit report you obtain, including prior base FICO® Score versions — often used in mortgage lending decisions — as well as industry-specific auto and bankcard versions.

 

this is what it shows under the description so it looks like i get the other versions (including FICO 8)......

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
Message 34 of 118
Member

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

Kimszoo you have to pay for the 3 Bureau report that costs about $60 to get the mortgage scores that most lenders use. The lender I am going through right now used the Fico Score 4. It was DRASTICALLY lower for me. You might not have the same problem.

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


Take the myFICO Fitness Challenge
Message 35 of 118
Established Member

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

cpinsode....That is the Trans Union score version (Trans Union Fico Classic 04)

and yes you can buy the Three score report for $60 or the monthly monitoring with three score  and fico 8 (which i don't care about since lenders not using) for $24.95/month .....

I want to be able to monitor for at least until i have my house (i.e. close escrow and have keys in hand)....Smiley Happy

 

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
Message 36 of 118
Established Member

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

Ok so i signed up for the 3B and credit monitoring.....for $24.95/month....

got my lender scores

Equifax Score 5: 652

Trans Union Score 4: 708

Experian Score 2: 656

 

I called my mortgage guy and we are going to run credit and automated underwriting today......holy cow.......i am freaking out.

scared.

BTW....i don't know if i have EVER seen one of my scores over 700.....wow.

 

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
Message 37 of 118
Moderator

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


kimszoo wrote:

Ok so i signed up for the 3B and credit monitoring.....for $24.95/month....

got my lender scores

Equifax Score 5: 652

Trans Union Score 4: 708

Experian Score 2: 656

 

I called my mortgage guy and we are going to run credit and automated underwriting today......holy cow.......i am freaking out.

scared.

BTW....i don't know if i have EVER seen one of my scores over 700.....wow.

 


Fantastic! Your mid score is 656 then so you are in great shape.

Good to know that you get all the scores with the 3B and monitoring too....Thanks!

 

Message 38 of 118
Established Contributor

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

...the monthly monitoring is based off your last pulled report ...you will get monitoring alerts/score updates only on your fico 8 scores unless you do a new pull ...you can still view the original mortgage scores on myfico but they are not updated unless you do a new pull ...in my experience over the past 3 months, my mortgage scores have tended to move in the same direction as my fico 8 score updates but I had to either pay myfico for a fresh pull or get a lender pull to see the actual mortgage score changes ...ymmv ...hth


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 39 of 118
Established Member

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

good to know....my main issue was seeing where and what my lender will see so i knew when to tell him it was ok to pull......

i am not sure if they will pull credit again when ready to close escrow? assuming they will.....so have to maintain......the tightrope walk...Smiley Happy

My main issue was just getting qualified for automated underwriting....for USDA or FHA....find my ranch....open and close escrow.....and be home again.

BUT now i feel obsessed with my credit....i still have three small collection accounts (which i will deal with after escrow...hopefully that will be acceptable), I have a BK that falls off if Sept. 2015 and some various inquiries that will fall off in the next three months and the WHOPPER is my tax lien (filed in 2007) that will expire in Oct. 2016 (through the collection statute expiration date)....my IRS liability expires through the CSED and so will the lien that it is attached to......

It has taken me many years...way too many....to get this credit thing under control and i feel like that control is within reach.........

I thank ALL of you on this board.......it gives me hope, direction, a place to vent, research, understand.....and the knowledge that i am not the only person out there that has these issues....but with knowledge comes power...the power to take back control of my life and my credit and for that I CANNOT say thank you enough.

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
Message 40 of 118