Fico scores or credit scores for mortgage

Anonymous · ‎03-18-2015

I've been slowly working on credit reports for about 18 months. Seeing numbers slowly go up with credit reports. I finally bought fico scores from all 3 CRAs through experians website, the credit scores and fico scores are almost 100 point difference (ie transunion credit score (713), tu fica (618). Which scoring models do lenders look at? I don't understand the vast difference and am shocked and disappointed. Pang advice? Thank you.

StartingOver10 · ‎03-18-2015

Welcome to My FICO!

Here start with this thread and it will explain about mortgage scores: http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-the...

Here is another entire area of MyFICO that explains scores in general (as opposed to just mortgage scores) http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring

The scores on Experians website are educational and not used for mortgages at all.

CH-7-Mission-Accomplished · ‎03-18-2015

Experian's website now says that they sell all three real FICO's. Is this not true? See the $39 option ...

http://www.experian.com/credit-report-partner/credit-score-g.html?cmpid=ECDG1SL2&SC=675830&bcd=SL4Cr...

StartingOver10 · ‎03-19-2015

@CH-7-Mission-Accomplished wrote:
Experian's website now says that they sell all three real FICO's. Is this not true? See the $39 option ...

http://www.experian.com/credit-report-partner/credit-score-g.html?cmpid=ECDG1SL2&SC=675830&bcd=SL4Cr...

I see that (now) on the middle option, but it is the FICO 08 version which is not used for mortgage loans.

Here is the disclaimer on Experian's website:Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO Score than FICO Score 8, or another type of credit score altogether. Learn More.

Anonymous · ‎03-19-2015

Thank you for the feedback. So, if the Experian fico scores are fico8, they are not used by potential mortgage lenders? What I am wondering, is it typical for the fico scores to be off so significantly off verses the CRA score? I purchased the above mentioned package to see where we are at fico wise.

thank you all.

StartingOver10 · ‎03-19-2015

@Anonymous wrote:
Thank you for the feedback. So, if the Experian fico scores are fico8, they are not used by potential mortgage lenders? What I am wondering, is it typical for the fico scores to be off so significantly off verses the CRA score? I purchased the above mentioned package to see where we are at fico wise.
thank you all.

No, FICO 08 is not used by mortgage lenders at all. Read the stickies at the top of the mortgage section. The FICO mortgage scores are what the lenders use for scoring purposes. Fortunately you can now see your actual FICO mortgage scores here as of Jan 31 2015. It is very helpful as it reduces the guess work tremendously. You can pull your own mortgage scores and know before you ever make application with any lender. Much better than not knowing like before.