My FICO monitoring for future mortgage

[Anonymous]

Is purchasing the My FICO monitoring service good for monitoring score and credit for future mortgage purchase? From what I've seen on this forum, the three credit service companies use different fico systems for different type of purchasing.  I want to monitor my credit progress to purchase a home in a few years and want to guage when to do so based on the scores.  Thank you!

[avp99]

OP, I believe it is a good service.  I use it to find out exactly what is on my credit file and what my 3B scores are at any given time.  With the use of this tool, i have been able to get my score at the point where I can realistically start the mortgage hunting process.  In fact, I had a conversation yesterday with American Bank (bank in S. TX) and we were talking about my scores.  The representative said, I know you are concentrating on paying your revolving credit all the way down, but... for the purpose of obtaining a mortgage your score is already high enough and instead of paying down your revolving debit further, use that money to put into your downpayment fund. (now she is not saying to stop paying my revolving debit on time each month, but she is saying for the purpose of getting a mortgage a higher score for me is not going to get me any better of a rate.)

So, initially my my goal was to have a better score and of course a healty credit file and this service can give you the tools to help you achieve that goal.  However, I believe the sage advise I was given yesterday is also equally (if not more) valid since the purpose of getting your score up is to be able to have access to goods and services (mortgage, car loan) at the best rates.  Basically, a score of over 760 is great and it certainly allows you earned bragging rights, but for obtaining loans a 760 is a great goal that will open many doors for you.

I hope all that made sense...

[Anonymous]

avp99 - thanks very much for your great response. You’re essentially doing the same thing I’m doing, paying down revolving credit in order to qualify for a mortgage. From what you’ve described, this service is exactly what I will need. Thank you again and best of luck!

[avp99]

---

@Anonymouswrote:
avp99 - thanks very much for your great response. You’re essentially doing the same thing I’m doing, paying down revolving credit in order to qualify for a mortgage. From what you’ve described, this service is exactly what I will need. Thank you again and best of luck!

---

Thank you, and best of luck also.

[Anonymous]

The lender score does not match up directly with the score you get online, but the trends do. If your score went up by 20 points the one I pulled probably went up as well.

[Goldenticket]

I have the plan that allows me to pull a 3bureau credit report monthly. The FICO 8 score that is pulled monthly with your 3b report has corresponding mortgage scores down below. (The FICO version each CRA uses to calculate your mortgage score - so you don’t have to be a detective, it’s  in your monthly 3B report). 

 As the month progresses you will be able to see every point change in your FICO 8 scores (what pops up on your dashboard) as balances change on credit cards, credit limits change, installment loans are paid down, or credit lines are opened or closed  BUT the simulations and mortgage scores are based on the FICO 8 scores on the date you pulled your 3b report. So, if you go AZEO method to maximize your mortgage FICO scores, you won’t be able to see the corresponding change to your mortgage FICOs until after these accounts report the new balance to the CRAs and you pull the next 3B report. It isn’t automatically pulled so you can check your alerts to see what accounts are paid down/off before getting that month’s 3b to see your actual Mortgage FICO scores. 

Hopefully if if you are trying to tweak your mortgage scores for just a few more points this will help you get a better picture without a HP from a lender.  I think $39.95 a month is reasonable for this level of information especially if you are trying to maximize your scores for a mortgage. Good luck.