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FICO Score 5 for Mortgage Question

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Xtracho
Established Member

FICO Score 5 for Mortgage Question

I must admit that I'm a bit stymied by the maze of FICO scored and the logic behind it. We are in the market for a mortgage and to up the score used by the mortgage lenders I paid my credit card balances down to 23% UT. I have a lender doing a rapid rescore at this time. I received an update alert from MyFico yesterday that my EQ FICO 8 score had jumped 35 points. But, the FICO 5 score seems to remain the same. Overall I have noticed that the FICO 5 scores tend to be higher than the FICO 8 scores. But after the 35 point jump yesterday the reverse is true. And again, perhaps it's my lack of experience on the magical formulas used, but raising my FICO 8 score 35 points without a change in FICO 5? That just defies logic. A little guidance would be appreciated. Thanks!

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: FICO Score 5 for Mortgage Question

Did you pay for a new report? you only get the "other" scores updated when you order a new report for each bureau.

Message 2 of 5
Xtracho
Established Member

Re: FICO Score 5 for Mortgage Question

OK...so as I understand it if I purchase new credit reports the "other" FICO scores will update based on the 35 point jump with the EQ FICO 8 score? Please pardon my naivete. It's a learning thing for me.

Message 3 of 5
Anonymous
Not applicable

Re: FICO Score 5 for Mortgage Question

Yes. The monitoring only updates the FICO 8 scores for each bureau as it finds a change in your report. Every time you purchase a new report, the other extra scores will update. You may see a significant change, you may see a small change or no change. Earlier this year I pulled several times (while getting a mortgage myself) and sometimes after a 20-30 pt FICO 8 jump I would get nothing on the Version 5 scores. 2 weeks later I would have no change on the FICO 8's but pull and my Version 5 scores would be up 15. Obviously the algorithms are different, but beyond that I cant tell you much about what moves the needle on the version 5 scores Smiley Frustrated

I went back and read threads from several years ago, when those were the scores my fico was providing but even then the parameters seemed similar enough that increasing the V8 scores "should" increase the V5's, but that is apparently not always the case Smiley Wink

Since you have already paid for a rapid rescore from your lender, I wouldn't waste the bucks to pull new reports here. You will get the same scores from them, no sense paying for the same thing twice. Smiley LOL

Don't ever be afraid to ask questions here, the people are awesome and will help a ton. Best of luck on the mortgage

Message 4 of 5
Xtracho
Established Member

Re: FICO Score 5 for Mortgage Question

Thanks again. We expect the results from the rescore either today or tomorrow. The lender obviously thinks the rescore will be beneficial or he would not have come out of pocket the $300 it costs for the rescore. We have already been pre-approved for the mortgage as the scores stand now.

Message 5 of 5
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