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FICO score question

New Member

FICO score question

New to the board and would be very appreciative of any help, my FICO score is currently 679. How bad is that and will that preclude me refinancing my mortgage?

Also I subscribe to Amex credit secure and they list my 3 credit scores at 728-740-728.

Very confused, which is more accurate and which one would my loan officer see? 

 

Thanks!

Message 1 of 6
5 REPLIES
Valued Contributor

Re: FICO score question

If you pulled your EQ FICO from myFICO, that is the score a mortgage lender would pull for your EQ FICO. If you pulled a TU FICO here, that is an older version to the one your mortgage lender would pull for your TU FICO. You can't get the score the mortgage lender would get for your EX FICO.

 

The scores from Amex Credit Secure aren't used by any lender - not even by Amex.

Message 2 of 6
New Member

Re: FICO score question

thanks- so is there any point at all in paying for the monthly amex service? What is its real value?

Message 3 of 6
Moderator Emeritus

Re: FICO score question


run68 wrote:

thanks- so is there any point at all in paying for the monthly amex service? What is its real value?



For the report data. It's handy to know balances, when your CCs updated, if accounts are added or removed, updated, etc.

Message 4 of 6
Valued Contributor

Re: FICO score question

That score is fine for many programs, just conventional that you will have trouble with.  FHA, USDA, VA, etc. are all fine with that score.

Message 5 of 6
Highlighted
Valued Contributor

Re: FICO score question


llecs wrote:

run68 wrote:

thanks- so is there any point at all in paying for the monthly amex service? What is its real value?



For the report data. It's handy to know balances, when your CCs updated, if accounts are added or removed, updated, etc.



+1

 

I use a similar service from Citi to monitor changes in any of the three CRA files.They also have FAKO "scores" and, in my case have matched, at least on EQ, FICOs reasonably well including the impact of a tax lien which almost all of the FAKOs screw up on. However, I haven't seen any broader study of their scoring model so the fact it is close for me means very little. When I want to know a real FICO that's most likely to be used, I check my EQ FICO.

 

Also remember that a FICO alone does not mean you will get approved or declined. FICO scores predict risk over the coming two years and creditors refine this by adding info about your income and job history and perhaps details of your banking history if you have savings or checking accounts with them. This gives a more precise risk estimate and can effectively increase (or decrease) the risk. This is why it's good to apply at your bank for credit if you have a positive banking record.

 

 


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 6 of 6