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Donna2012
Posts: 14
Registered: ‎05-20-2012
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What Fico scores do I need for a mortgage?

Hi, I've lost my old post and can't find which FICOs I need that lenders pull for a mortgage and where do I get them? I've pulled the Equifax Fico Score from here. What are the other two and where do I find them for a mortgage?


Thanks so much!

 

Donna

Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
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Re: What Fico scores do I need for a mortgage?

Your mortage lender will likely pull a tri merged report which shows all three credit reporting agencies. They are Equifax, Trans Union, and Experian. They will use the middle score and disregard the high and low scores. Trans Union score sold here and is the TU04 model.  Mortage providers use "an enhanced fico" scoring model for their industry so you will not be able to replicate their exact score. Generally speaking for the very best mortage interest rate you need a 760 or above. However, some institutions may consider above a 720 for their best rate. As always, ymmv. *your mileage may vary"

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Member
Donna2012
Posts: 14
Registered: ‎05-20-2012
0

Re: What Fico scores do I need for a mortgage?

Thanks! They've made these darn scores all very confusing. Now where do I get the Experian one? If I go on their site isn't it a Vantage Score?

Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: What Fico scores do I need for a mortgage?


Donna2012 wrote:

Hi, I've lost my old post and can't find which FICOs I need that lenders pull for a mortgage and where do I get them? I've pulled the Equifax Fico Score from here. What are the other two and where do I find them for a mortgage?


Thanks so much!

 

Donna


The Equifax score you receive here will generally be exactly the same as the Equifax pulled in your tri-merge account. If there is a difference in score for Equifax the difference would be from when the report is pulled (day, date, and time) as your report can change as changes occur on your credit profile. For instance if your balances increase or decrease, or apply for additional credit, are a few examples of why your scores could change.

 

As far as TransUnion it really just depends on the tri-merge report being pulled. Some tri-merge reports will pull the same model TransUnion as the one found here on MyFico, while some use other models of TransUnion.

 

Getting your Experian score is limited through a few CU's and Banks or by having it pulled from a lender.

 

If you pull your Equifax report and TransUnion report from here it will give you an idea where your middle score will be for a mortgage. 

 

If you are applying for a conventional loan your scores will have an impact on the rate, the higher the score the better the rate. If you are applying for FHA loan your scores have absolutely no impact on your rate, no matter if you have a low score or high score the rates will be the same according to the FHA guidelines. Other loan programs USDA, VA, etc.. have their own guidelines also.

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
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Re: What Fico scores do I need for a mortgage?


bettercreditguy1 wrote:

Your mortage lender will likely pull a tri merged report which shows all three credit reporting agencies. They are Equifax, Trans Union, and Experian. They will use the middle score and disregard the high and low scores. Trans Union score sold here and is the TU04 model.  Mortage providers use "an enhanced fico" scoring model for their industry so you will not be able to replicate their exact score. Generally speaking for the very best mortage interest rate you need a 760 or above. However, some institutions may consider above a 720 for their best rate. As always, ymmv. *your mileage may vary"


Bettercredit is wrong.  TU FICO score sold here is TU98 and basically will not be used by any mortgage lender.  Do not buy it.  Buy the EQ FICO score from here as it is the one that will be used by almost all mortgage lenders.  Bettercredit is right that they might use a mortgage enhanced fico scoring model so your eq fico gotten here might be off.  But that EQ FICO is the most accurate score you can buy.

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Member
Donna2012
Posts: 14
Registered: ‎05-20-2012
0

Re: What Fico scores do I need for a mortgage?

Thanks. OK the Equifax score which was the Vantage Score I pulled was 676 and the EQ Fico Score here was 720 the very same day????? They were not the same and there were no changes to the report because we would have been notified of a change. So now I'm more confused.

 

The 3 reports I got first before the Fico score here ended up being Vantage scores which I didnt realize. So is it worth my while to pull the Transunion here to get a better idea where the score is at since I only have the Equifax Fico score.

 

 

Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
0

Re: What Fico scores do I need for a mortgage?

Sure, it would give you a good feel for where you are at.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: What Fico scores do I need for a mortgage?

[ Edited ]

I'll add, what has already been added, that your lender will pull a tri-merge report. Most every poster have reported that their lender used FICO versions called "Beacon 5.0" for EQ, "Fair Isaac Risk Model v2" (aka "Fair Isaac Score II") for EX, and "Classic 04" for TU (we call it TU04).

 

MyFICO offers the exact same EQ FICO that virtually all lenders use as the Beacon 5.0. If you pulled from myFICO and from your lender on the same day the scores would highly likely match.

 

MyFICO offers TU98, with is one version older than the TU04 used by most lenders. While there are some big lenders that use the older version, odds are your lender will use the newer TU04. When compared the same exact day some have reported that both scores were spot on, and other reported differences of 20-30+. IME, my TU98 was higher than my TU04 by 10 points when compared the same day. IME for DW, her TU98 was lower by 30 points compared to TU04 when compared the same day. As mentioned, yMMV.

 

Finally, Experian blocked consumer access to your own EX FICO a while back. When it was offered here, the model on here is still the same FICO version used by lenders today.

 

There are industry-enhanced scores, like mortgage-enhanced FICOs, bankcard-enhanced FICOs, installment-enhanced FICOs, etc. The mortgage-enhanced FICO wasn't developed until 2008/2009. AFAIK, there are no lenders using mortgage-enhnanced FICOs anywhere. I did see a post a year ago where the poster claimed their LO told them they used a mortgage-enhanced FICO and that was via PNC Bank, though I've seen other posters say the contrary. Maybe one day they'll be used.

 

ETA...on the debate of whether TU98 (as on myFICO) scores are worthless...IMO, they serve a purpose. Otherwise, what can we compare TU04 to? Lenders haven't latched onto the FICO08 versions. Sure we can get TU08 via WallyWorld, but it is no more reliable at comparing that to TU04 than it is to compare TU04 to TU98. Certainly we can't use a FAKO (BTW, I have one TU FAKO right now that is over 200 points off my FICO when compared the same day).

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: What Fico scores do I need for a mortgage?

And I didn't even answer OP's question...for a conventional, aim as high as possible, like 720+. For programs like FHA, YMMV on the lender. Most require 620-640. About 18 months ago, my lender allowed FHA loans in the high 500s, provided you compensated with a higher down payment, more assets, lower DTI, etc. But aim high. Don't settle in the mid-600s. All it takes is a baddie being added, an old account dropping, or mis-timed reporting to throw your scores below the approval level.

Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
0

Re: What Fico scores do I need for a mortgage?

I remember reading it somewhere but what TU version is the Walmart FICO?

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

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