@Anonymous wrote:Hi, I'm about to apply for a mortgage and am wondering what is the most accurate source of scores for this.
A lender referred me to this site and I got 695 Eq/ 705 TU / 725 Ex
Equifax ScorePower gave me 723/728/729, which would put me in a different class according to the lender.
Any thoughts on which one is more reflective of what mortgage lenders are going to use? My understanding is that ScorePower = Fico 4 which is used more for mortgage lending and MyFico = Fico 8 which is used for other installment loans and credit cards. Is this correct?
I'm a few weeks out from applying and am weighing the benefits of paying down CCs to lower my revolving utilization (which could net me up to 40-50 points, according to the simulators) or saving that cash for now to have a better cash balance during the transaction.
Your information is pretty accurate; however, Score Power is the gold standard for mortgage scoring, though it only gives you the single Beacon 5.0 score last I checked. If you got 3 scores I'd think it suspect.
MyFICO is great for a lot of things, but mortgage qualification estimation isn't one of them unless the GSE's change their underwriting policies which doesn't seem likely.
All depends how much cash you need for downpayment, closing, reserve: if you can clear that hurdle I'd toss the extra at CC's anyway to pretty things up as there's no guaruntee EX/TU will be identical to your EQ Beacon 5.0, but if it's tight I'd probably hold the cash as more cash never hurts during the mortgage process, and if the scores weren't pretty enough, get them repulled in a month or whatever after more balances paid down.
@Anonymous wrote:Hi, I'm about to apply for a mortgage and am wondering what is the most accurate source of scores for this.
A lender referred me to this site and I got 695 Eq/ 705 TU / 725 Ex
Equifax ScorePower gave me 723/728/729, which would put me in a different class according to the lender.
Any thoughts on which one is more reflective of what mortgage lenders are going to use? My understanding is that ScorePower = Fico 4 which is used more for mortgage lending and MyFico = Fico 8 which is used for other installment loans and credit cards. Is this correct?
I'm a few weeks out from applying and am weighing the benefits of paying down CCs to lower my revolving utilization (which could net me up to 40-50 points, according to the simulators) or saving that cash for now to have a better cash balance during the transaction.
I'm going through the mortgage process right now myself, and have been struggling with the same thing. EQ Scorepower was dead on accurate to the 3-bureau pull the mortgage lender did. My myFICO TU was MUCH lower than what the lender pulled (643 on myFICO vs. 693 on 3bureau), and my EX was a few points higher on the 3 bureau pull vs myFICO as well..... HOWEVER, that being said.... I've been reading the posts on here and watching to see if I could see ANY trends in scoring on myFICO vs the 3 bureau, and there doesn't appear to be. It's all based on your individual credit profile and the ONLY way to get that is to have your lender pull it.
I broke down and had my lender do the pull. The 2pt hit for the HP was worth KNOWING where I was.....and we did it early enough in the process (about 2 months ago) so that I could make any corrections needed before going for final qualification (as I'm right on the brink of hitting 700 which changes my whole game as far as options!!)
Agree with Relevate.... if you don't need the CC's get them as low as you can! I'm seeing bigger increases with in score with every one that's paid down. Will pay all CCs down to $0 except one... Will leave that one under the recommended 9% and see how it all pans out. That's the recommended "sweet spot".
Good luck & let us know how your scores compare to the mortgage pull... we're always curious about that stuff! (at least I AM!) 