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FICO scores used for mortgage - and where to obtain them

Frequent Contributor

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

Thanks, again

Somewhat surprisingly, my mortgage scores are higher than all my other scores. I guess they're weighted by my current mortgage history

Moderator

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


jcef1955 wrote:

Thanks, again

Somewhat surprisingly, my mortgage scores are higher than all my other scores. I guess they're weighted by my current mortgage history


Yes, and I believe *(but don't have hard evidence to support this theory) that your other installment loans also contribute toward your mortgage scores.  My mortgage scores are significantly higher than my FICO 8 scores or bankcard scores too

Established Contributor

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


StartingOver10 wrote:

jcef1955 wrote:

Thanks, again

Somewhat surprisingly, my mortgage scores are higher than all my other scores. I guess they're weighted by my current mortgage history


Yes, and I believe *(but don't have hard evidence to support this theory) that your other installment loans also contribute toward your mortgage scores.  My mortgage scores are significantly higher than my FICO 8 scores or bankcard scores too


...mine are mixed, one slightly lower, two slightly higher ...I do have an auto loan ...thus SO10's surmise that installment loans (or lack thereof) affect the mortgage scores more than they do the FICO 8 scores seems to make a lot of sense ...most members of this forum are rebuilding their credit and may well not have any other loans ...or thier installment loan records have blemishes ...which may explain why the general experience is that mortgage scores tend to be ~50 points lower than FICO 8 scores 


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
Regular Contributor

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

I have been a member of myFico credit monitoring for awhile. 

 

My scores came back today, from both Wells Fargo and a mortgage broker, exactly the same as the mortgage scores used on the credit monitoring. Very nifty for them to match so perfectly!

Frequent Contributor

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

Just got a decline letter that shows my TU 04 as 660 via Credco despite MyFICO showing 692. What's more they didn't provide my Eq or Ex scores despite HPs being done on all 3.

Denial reason: low score

I'm not sure what to think

Established Contributor

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


jcef1955 wrote:

Just got a decline letter that shows my TU 04 as 660 via Credco despite MyFICO showing 692. What's more they didn't provide my Eq or Ex scores despite HPs being done on all 3.

Denial reason: low score

I'm not sure what to think


1) When did you last pull your mortgage scores on myFico? ...only the Fico 08 score updates between report pulls ...you have to run a new 3B to get current mortgage scores ...based on my own experience, and that of many others, if I pull a 3B on the same day as the LO, the scores will match

 

2) A decline at 660 is a lender overlay unless I've missed a recent change in the government guarantee programs ...640 is usually the minimum they require ...I'd suggest you try a few other lenders, probably using a mortgage broker, to find one than will work with your current scores


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
Moderator

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

Lemmus is right above. Sounds to me like you are going to a conservative bank that has overlays above the standard criteria. 

 

Check with another lender. First pull your mortgage scores here so you can discuss with many lenders what they need in the way of a credit score before you apply.  

 

Right now I would stay far away from the banks - go to a mortgage banker or correspondent lender that only originates, uderwrites and funds mortgages. 

 

BTW, from what I have seen only a 620 mid score is required by most lenders except USDA, and they want a 640.  Check each lender because their guidelines will differ.

Frequent Contributor

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

Uhhh, I'm not entirely clear how to "reset" my mortgage scores on MyFICO. I thought they would update periodically like my other scores do?

The denial was from NationWide Mortgage(Insurance co) and they only gave me the TU score despite pulling all 3

I've also discusseed it with a couple CUs but, haven't apped yet, I'm not going to plunk down $350-500 in app fees for each one.

Established Contributor

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


jcef1955 wrote:

Uhhh, I'm not entirely clear how to "reset" my mortgage scores on MyFICO. I thought they would update periodically like my other scores do?

The denial was from NationWide Mortgage(Insurance co) and they only gave me the TU score despite pulling all 3

I've also discusseed it with a couple CUs but, haven't apped yet, I'm not going to plunk down $350-500 in app fees for each one.


...only the FICO 8 score updates regulary without paying for a new 3B ...that's the only way to get current, accurate mortgage scores

 

...you should not have to pay app fees up front ...if the lender wants that, find another ...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
Frequent Contributor

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

Well damn! Just updated the scores and it's not nearly what I thought. I may need to rethink this whole refi. Here I thought the scores were current, not old.

658, 660 & 675 mortgage scores