Mortgage finally posted and scores greatly increased-???

[creditisbetter2]

Hey everyone,

My mortgage finally started posting after four months and I have read via this site that peoples scores generally drop but mine increased.  Is that normal?  I pull my scores from transunion's website so I am not sure if all of those are fico scores or fako's.  My scores just last month were like 680, 701, 670 because I have high balances on my credit cards and once this mortgage posted my scores have changed to 758, 736, 764.  Is that feasible for my scores to increase like that and will they go back down at some point, is this a temporary jump?

[pakman92]

Part of FICO's calculation is based on mix of credit.  Having a mortage can definitely have a postive impact on your score.  ymmV

[creditisbetter2]

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@pakman92 wrote:

Part of FICO's calculation is based on mix of credit.  Having a mortage can definitely have a postive impact on your score.  ymmV

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Awesome, that's good to know. I figured it would be better for my overall score but I had read so many posts about people's scores dropping that I was nervous for it to post.  Now if I can keep my credit card balances low, I can actually see an 800 sometime soon.

[JusdoNit]

That is awesome news.  I am glad to hear it confirmed.

[MarineVietVet]

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@creditisbetter2 wrote:

Hey everyone,

My mortgage finally started posting after four months and I have read via this site that peoples scores generally drop but mine increased.  Is that normal?  I pull my scores from transunion's website so I am not sure if all of those are fico scores or fako's.  My scores just last month were like 680, 701, 670 because I have high balances on my credit cards and once this mortgage posted my scores have changed to 758, 736, 764.  Is that feasible for my scores to increase like that and will they go back down at some point, is this a temporary jump?

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Are all those scores from the TU website? If so then none of them are FICO scores. TU sells what are called VantageScores and although a few lenders use the VS it's still not widely looked at.

Besides using a different scoring formula than FICO the VS has a much different scoring range. VS goes from 501-990 whereas FICO goes from 300-850.

What were you lender pulled scores when you applied for your mortgage? Those will be accurate and what needs to looked at for comparison.

[creditisbetter2]

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@MarineVietVet wrote:

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@creditisbetter2 wrote:

Hey everyone,

My mortgage finally started posting after four months and I have read via this site that peoples scores generally drop but mine increased.  Is that normal?  I pull my scores from transunion's website so I am not sure if all of those are fico scores or fako's.  My scores just last month were like 680, 701, 670 because I have high balances on my credit cards and once this mortgage posted my scores have changed to 758, 736, 764.  Is that feasible for my scores to increase like that and will they go back down at some point, is this a temporary jump?

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Are all those scores from the TU website? If so then none of them are FICO scores. TU sells what are called VantageScores and although a few lenders use the VS it's still not widely looked at.

Besides using a different scoring formula than FICO the VS has a much different scoring range. VS goes from 501-990 whereas FICO goes from 300-850.

What were you lender pulled scores when you applied for your mortgage? Those will be accurate and what needs to looked at for comparison.

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Oh well that's disappointing. My middle score was 701 when we applied for our mortgage. Do you know where I can go to get real fico scores? I thought myfico offered real fico scores?

[MarineVietVet]

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@creditisbetter2 wrote:

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Oh well that's disappointing. My middle score was 701 when we applied for our mortgage. Do you know where I can go to get real fico scores? I thought myfico offered real fico scores?

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You can get your TU and EQ FICO scores here. That's why I asked if you pulled all those scores from the TU website.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO.

At one time you could also purchase your Transunion score at transunioncs.com but no more. Wal Mart now offers a TU08 score to those who have their store card and the Discover version. There is a CU (I believe it's DCU) that offers it's members monthy EQ FICO's.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/

[creditisbetter2]

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@MarineVietVet wrote:

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@creditisbetter2 wrote:

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Oh well that's disappointing. My middle score was 701 when we applied for our mortgage. Do you know where I can go to get real fico scores? I thought myfico offered real fico scores?

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You can get your TU and EQ FICO scores here. That's why I asked if you pulled all those scores from the TU website.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO.

At one time you could also purchase your Transunion score at transunioncs.com but no more. Wal Mart now offers a TU08 score to those who have their store card and the Discover version. There is a CU (I believe it's DCU) that offers it's members monthy EQ FICO's.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/

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Ok I will check out myfico for the montly program. Right now I subscribe to a monthly service that alerts me of changes to my report and new reports every 30 days which I like but if the scores aren't real, it doesn't really help me. It's giving me a false sense of security. Hopefully when I switch over, the real scores won't be that far off.

[RW771]

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@creditisbetter2 wrote:

Hey everyone,

My mortgage finally started posting after four months and I have read via this site that peoples scores generally drop but mine increased.  Is that normal?  I pull my scores from transunion's website so I am not sure if all of those are fico scores or fako's.  My scores just last month were like 680, 701, 670 because I have high balances on my credit cards and once this mortgage posted my scores have changed to 758, 736, 764.  Is that feasible for my scores to increase like that and will they go back down at some point, is this a temporary jump?

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When did you close, and when did it show up on your CR? I'm still waiting for my mortgage to report and hoping it will still hold off a few weeks (applying for a loan/credit card soon and want my dti ratio's way down).

[creditisbetter2]

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@RW771 wrote:

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@creditisbetter2 wrote:

Hey everyone,

My mortgage finally started posting after four months and I have read via this site that peoples scores generally drop but mine increased.  Is that normal?  I pull my scores from transunion's website so I am not sure if all of those are fico scores or fako's.  My scores just last month were like 680, 701, 670 because I have high balances on my credit cards and once this mortgage posted my scores have changed to 758, 736, 764.  Is that feasible for my scores to increase like that and will they go back down at some point, is this a temporary jump?

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When did you close, and when did it show up on your CR? I'm still waiting for my mortgage to report and hoping it will still hold off a few weeks (applying for a loan/credit card soon and want my dti ratio's way down).

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I closed November 1st 2011 and my mortgage showed up on my credit report two days ago so it's been about four months.