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FICO scores used for mortgage - and where to obtain them

Member

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


kimszoo wrote:

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.


When I bought my last house, the lender pulled my credit at 9:00 am on the day I closed.  My closing was scheduled for late afternoon.  At the time, I didn't know that lenders did that.  I thought they only pulled it one time.....when you apply.  I found out about the additional pull when I checked my credit sometime after I bought the house.

Established Member

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

wow......that's so nice of them.....and didn't even tell you.....ggrrrr

i am pretty much going to assume that it will happen VERSUS NOT going to happen.....

PRAYING no issues "appear" out of the blue.....that would flip me out....

If i get approved and can open escrow....and close within 30 days....less room for issues....

TY for the heads up.

Sept 2013
Equifax: 548 Experian: 502 TU: 575

March 2015 Equifax: 652 Experian: 656 TU: 708
New Member

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

same here. my husband needs to get over the hump and myfico equifax 5.0 says he is way over the hump but the broker uses credco and they list the beacon score 5.0. broker is scared that the myfico score is not accurate and that the pull will smack his score down below what we need. right now he is right at what we need but it requires us to put down a higher down payment and that is going to be a tough stretch were as the original downpayment was fine. His score dropped drastically in feb and the only thing that changed was his cc balance it went way up. we paid it down to 1/3 and that made the myfico go way up. I need to be sure this new credco pull isn't going to tank us and that beacon 5.0 is pretty much fico 5.0 that myfico uses. 

Moderator

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


alodocios wrote:

same here. my husband needs to get over the hump and myfico equifax 5.0 says he is way over the hump but the broker uses credco and they list the beacon score 5.0. broker is scared that the myfico score is not accurate and that the pull will smack his score down below what we need. right now he is right at what we need but it requires us to put down a higher down payment and that is going to be a tough stretch were as the original downpayment was fine. His score dropped drastically in feb and the only thing that changed was his cc balance it went way up. we paid it down to 1/3 and that made the myfico go way up. I need to be sure this new credco pull isn't going to tank us and that beacon 5.0 is pretty much fico 5.0 that myfico uses. 


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.

 

 

Established Contributor

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

...if they are pulled on the same day they will almost certainly be exactly the same regardless of the naming conventions ...Fico provides the scoring models/algorithms to the CRAs and provides us the resulting scores here on myFico ...Credco and Credit Plus among others provide mortgage lenders a service by combining the three CRAs reports in an easily understood/usable format ...but they use their own naming protocols despite each being a direct result of the original Fico scoring model ...some mortgage lenders are more knowledgeable than others ...some create unnessary fears in their clients by thinking Fico/Credco/Credit Plus scores all derive from different sources ...they don't ...no mortgage lender that I'm aware of uses anything but the scores produced by the older Fico 04 scoring model, regardless of the names applied ...much of the confusion derives from the CRAs themselves trying to beat Fico at their own game by producing what they usually call a Vantage Score ...you'll see that number on a lot of the FAKO sites like CK/CS/Quizzle etc ...but the mortgage industry has years and years of data modeling dependent on the Fico 04 model and its own risk models are highly dependent on it ...they are not going to change the scoring models they use overnight (or even over years) just because there is a new toy on the block.

 

...myFico/Fico has not always been as helpful to users as they could have been ...while the mortgage industry has stuck with the Fico 04 (2004) model, Fico produced a new model in 2008 now commonly referred to as Fico 08 and used almost exclusively by the credit card industry ...there are a LOT more cc customers than mortgage customers and thus myFico standardized on providing the Fico 08 scores ...so virtually everyone assumed there was a single Fico credit score ...until they had their lender pull their mortgage scores and found there was a difference ...often substantial differences ...myFico has partially corrected this disconnect by now providing both score models to users who update their 3B reports

 

...imnsho the real confusion comes from users getting their Fico 08 scores from here or other sources and then going to their lenders with them ...your mortgage lender pulls your mortgage scores and tells you the Fico scores you have are wrong ...which is both right and wrong, its like apples and oranges. eh ...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
New Member

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

Kimszoo:       DId you have to use anyone to help get the negative things off of your credit to obtain your mortgage?  Your scores went up nicely, Congratulations!!!

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

So I just signed up for MyFICO 3 credit $24.95 plan

We are going to be looking at getting a house and I wanted to see what my "Mortgage" score was along with my "actual" FICO 8 Scores.

My FICO scores are ....

EQ: 667 / TU: 677 / EX: 680

Mortgage Scores are (5,4,2 respectively)

EQ: 700 / TU: 716 / EX: 702

 

QUESTION .... So with this MyFICO monthly credit service the ONLY score that changes is my standard FICO Score 8 correct? AND the Mortgage scores do Not Update unless I buy a whole new credit report??????

 

I bought this for one main reason was to track my Mortgage scores which are good cause if I am right they go by middle score and I'll be at 702 as of right now.

But I'm kinda bummed if what I read is true that the Mortgage scores do not update at all after you first sign up!?!?!?

 

ALSO ... I know the answer I think but by using this service there is no HARD pull on my credit report correct???

 

Just signed up and getting a feel for this thing and how it works and what I should be looking at for Mortgage potential.

 

Thanks so much. Smiley Happy

 

     -Chris

New Member

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

I think Imzo may be right about my choice of broker and the fear factor. On here my husbands mortgage scores were 600 645 and 735 so the middle score is what he needed to be able to use a better mortgage product but the broker made him use a different one believing that his score was still 583. He just would not and could not believe that we raised his score so quickly by just paying his cards down. I called credco and they told me the fico 5 equifax score on here is the same as the beacon 5 equifax and that the broker should not worrry about running the score because it will be the same score that myfico gave us. The broker told us he still didn't believe it! I am hoping the timeframe for the 583 score will run out before we are done and he will be forced to run the score, then he'll be a believer!

Moderator

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


alodocios wrote:

I think Imzo may be right about my choice of broker and the fear factor. On here my husbands mortgage scores were 600 645 and 735 so the middle score is what he needed to be able to use a better mortgage product but the broker made him use a different one believing that his score was still 583. He just would not and could not believe that we raised his score so quickly by just paying his cards down. I called credco and they told me the fico 5 equifax score on here is the same as the beacon 5 equifax and that the broker should not worrry about running the score because it will be the same score that myfico gave us. The broker told us he still didn't believe it! I am hoping the timeframe for the 583 score will run out before we are done and he will be forced to run the score, then he'll be a believer!


Get rid of the broker. Find a correspondent lender (mortgage banker). They broker deals too, but the really important part is they fund their own loans.

Sounds like the broker you have is unethical. I would run from him if he is still using the 583 score. He is doing that to line his pockets at your expense.

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

So I just signed up for MyFICO 3 credit $24.95 plan

We are going to be looking at getting a house and I wanted to see what my "Mortgage" score was along with my "actual" FICO 8 Scores.

My FICO scores are ....

EQ: 667 / TU: 677 / EX: 680

Mortgage Scores are (5,4,2 respectively)

EQ: 700 / TU: 716 / EX: 702

 

QUESTION .... So with this MyFICO monthly credit service the ONLY score that changes is my standard FICO Score 8 correct? AND the Mortgage scores do Not Update unless I buy a whole new credit report??????

 

I bought this for one main reason was to track my Mortgage scores which are good cause if I am right they go by middle score and I'll be at 702 as of right now.

But I'm kinda bummed if what I read is true that the Mortgage scores do not update at all after you first sign up!?!?!?

 

ALSO ... I know the answer I think but by using this service there is no HARD pull on my credit report correct???

 

Just signed up and getting a feel for this thing and how it works and what I should be looking at for Mortgage potential.

 

Thanks so much.

 

     -Chris