how accurate are the Ex scores on myfico

[Anonymous]

According to myfico, my score is 586. I have been working toward qualifying for an FHA mortgage, and was wondering if this is likely correct or if I can hope it is a little higher when pulled to qualify for a mortgage. If it might be higher, is there an average number of points? I know that I need a 620, so I am hoping it is going to be higher. I am currently carrying a balance of 1100 on a cc with a 4850 limit. I am making a payment of 620 tonight to get the balance at 10% and hoping that will put me where I need to be. All of my negitive debt is from over 6 years ago and will all be gone from my reports within a year. I am just hoping I will be able to qualify very soon because I have found a house that I really love, but I know my market is hot, and it won't stick around long.

[ezdriver]

The only scores that count for mortgage qualification purposes are those that a lender pulls in preapproving you. The only way for you to know where you stand is to try for a preapproval with a lender. Until then, its anyone's guess.

Generally speaking, a minimum 12 months of ontime payments on two or three tradelines and a 620 or better score [640 is a much better target] will get you a loan if your debt to income ratios are within the lender's guidelines.

[DrJim]

You may want to head over to the rebulding forum, if you haven't already, for tips on GW's and PFD's.  Paying down your revolving debt will help, but you need at least a 620 midscore (not average).  And rmember, the higher the score the lower your rate.  The lower the rate, the more money you save.

Good luck!

[user5387]

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@Anonymous wrote:

According to myfico, my score is 586. I have been working toward qualifying for an FHA mortgage, and was wondering if this is likely correct or if I can hope it is a little higher when pulled to qualify for a mortgage. If it might be higher, is there an average number of points? I know that I need a 620, so I am hoping it is going to be higher. I am currently carrying a balance of 1100 on a cc with a 4850 limit. I am making a payment of 620 tonight to get the balance at 10% and hoping that will put me where I need to be. All of my negitive debt is from over 6 years ago and will all be gone from my reports within a year. I am just hoping I will be able to qualify very soon because I have found a house that I really love, but I know my market is hot, and it won't stick around long.

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Welcome to the forums!

MyFico uses the 08 score series, and the mortgage business the 04 series.

If different formulas are applied to the same credit report, the numbers may be different in a given case -- either higher or lower.

Also, the mortgage business uses the middle score of three, rather than a single score.