Do Mortgage Scores from MyFico Not Update as Much as Fico 8?

[daudi81]

Now that Myfico reports lets you see the same scores that the mortgage industry uses - I'm noticing that my scores from Fico 8 change a lot more and are a lot more volatile than my mortgage scores. 

I have had the same mortgage scores on all 3 bureas for the last 30-40 days, even though I've had disputes coming off and on, balances paid down, etc. They literally have not moved 1 point.

However, the Fico 8 scores from all 3 bureas have changed + or - 15-20 points, and even go up / down 1-5 points at least a couple times a week. And they literally change almost the same day that I get a dispute off, or late removed, or balance lowered.

It seems like Fico 8 is a dynamic score that can change as soon as something on your credit is updated - but Fico 2.4.5 (mortgage scores) are updated maybe once a month or so? I'm a bit confused as to why the mortgage scores don't even budge a single point, while Fico 8 is different every time I purchase a new update.

Note: Yes, I am purchasing my Fico scores for every time I want to see the new scores. I have purchased them at least a few times this month, so I know the scores are recent. We're getting a mortgage soon, and my scores are right on the wire and I have to monitor them closely, so I don't mind spending $50-60 to monitor my scores closely these next 30-60 days. I also have a monitor subsription at Equifax. I know that is a different FAKO score, but even that score changes on an almost daily basis - while mortgage Fico is just...not....budging. At all.

[joshall]

I am actually seeing the same thing with you do! 

Apparently, the mortgage scores are a 'one-time' thing. You will only get new mortgage scores if you resubscribe- which in your case, you should be seeing changes.

http://ficoforums.myfico.com/t5/Mortgage-Loans/How-often-are-mortgage-FICO-2-4-or-5-scores-updated-h...

Now, Please check the date on your mortgage score (below the pie chart)- it might not be moving as much because it doesn't get updated as much? 

[daudi81]

Yea, I figured it would just be a one time thing - and that's why I wasn't seeing movements. So I started purchasing them, and no dice. No movements.

The odd part, is that I'm not seeing movements on any of the 3 bureaus for the mortgage score, even though the Fico 8 score is moving 1-5 points VERY often. 

This last month, my Fico 8 score has changed as much as 20 points on Transunion, and 12-15 points on Equifax and Experiance.

But no up or down movement whatsoever on the Mortgage scores. Maybe I should be asking for a refund, as the whole reason I was purchasing them outright was so my lender wouldn't have to keep pulling my report every time I made a change to my credit report to "see" if X or Y made any difference.

Or...maybe the mortgage scores just don't update as often as the newer algorithms.

Anyone else seeing the same thing?

[joshall]

When were the last time your mortgage scores updated? 

[daudi81]

Experian / Equifax haven't updated since I first ran them beginning of February. 

As for Transunion, I don't think I received mortgage scores for it until fairly recently - like within the last week or 2 because I couldn't get it before then.

[Aarvard]

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@daudi81 wrote:

Now that Myfico reports lets you see the same scores that the mortgage industry uses - I'm noticing that my scores from Fico 8 change a lot more and are a lot more volatile than my mortgage scores. 

I have had the same mortgage scores on all 3 bureas for the last 30-40 days, even though I've had disputes coming off and on, balances paid down, etc. They literally have not moved 1 point.

However, the Fico 8 scores from all 3 bureas have changed + or - 15-20 points, and even go up / down 1-5 points at least a couple times a week. And they literally change almost the same day that I get a dispute off, or late removed, or balance lowered.

It seems like Fico 8 is a dynamic score that can change as soon as something on your credit is updated - but Fico 2.4.5 (mortgage scores) are updated maybe once a month or so? I'm a bit confused as to why the mortgage scores don't even budge a single point, while Fico 8 is different every time I purchase a new update.

Note: Yes, I am purchasing my Fico scores for every time I want to see the new scores. I have purchased them at least a few times this month, so I know the scores are recent. We're getting a mortgage soon, and my scores are right on the wire and I have to monitor them closely, so I don't mind spending $50-60 to monitor my scores closely these next 30-60 days. I also have a monitor subsription at Equifax. I know that is a different FAKO score, but even that score changes on an almost daily basis - while mortgage Fico is just...not....budging. At all.

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I think you have to purchase new report in order to get those additional scores updated.

[daudi81]

Yea - I have purchased new reports every time I ran a new check. I've spent almost $100 over the last couple months on updating the new reports. All scores are changing quite a bit, the mortgage scores have not budged. Not even 1 point.

[Anonymous]

Any luck with this? Do you know if they update? I'm doing the same thing

[Thomas_Thumb]

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@daudi81 wrote:

Now that Myfico reports lets you see the same scores that the mortgage industry uses - I'm noticing that my scores from Fico 8 change a lot more and are a lot more volatile than my mortgage scores. 

I have had the same mortgage scores on all 3 bureas for the last 30-40 days, even though I've had disputes coming off and on, balances paid down, etc. They literally have not moved 1 point.

However, the Fico 8 scores from all 3 bureas have changed + or - 15-20 points, and even go up / down 1-5 points at least a couple times a week. And they literally change almost the same day that I get a dispute off, or late removed, or balance lowered.

It seems like Fico 8 is a dynamic score that can change as soon as something on your credit is updated - but Fico 2.4.5 (mortgage scores) are updated maybe once a month or so? I'm a bit confused as to why the mortgage scores don't even budge a single point, while Fico 8 is different every time I purchase a new update.

Note: Yes, I am purchasing my Fico scores for every time I want to see the new scores. I have purchased them at least a few times this month, so I know the scores are recent. We're getting a mortgage soon, and my scores are right on the wire and I have to monitor them closely, so I don't mind spending $50-60 to monitor my scores closely these next 30-60 days. I also have a monitor subsription at Equifax. I know that is a different FAKO score, but even that score changes on an almost daily basis - while mortgage Fico is just...not....budging. At all.

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Equifax does offer Fico products (see below). I have purchased their Score Power product a few times - which is the EQ Fico mortgage score commonly referred to as EQ Fico score 5 (on MyFICO 3B reports) which Equifax refers to as Beacon score 5. The score is derived from the Fico 04 scoring model. Not sure if Score Watch is also Fico 04 (mortgage) or Fico 08.