Why did I waste my money?

[Anonymous]

---

No I don't blame Myfico for not getting a mortgage. I blame myfico for listing on my dashboard 3 different credit bureu's scores and not one of them is close to anything a lender looks at.

---

Also on the dashboard

 Taking the most basic of advice here, this is what happened to my "mortgage scores" in the first month reading here, by moving my utilization to a single card and getting it down to 10% (it was less than 20% previously).  You can fix this with a little help and work.

[Anonymous]

---

@Anonymous wrote:

I am not the type of person to post an uniformed rant but you appear to be a person to go on a long rant about something that has nothing to do with my question. I simply wanted an answer to why this site posts scores that nobody uses. They give people a false sense of their credit worhiness and likely people are applying for mortgages and other things under false pretenses. You do not need to know anything about my personal scores or finances. I was requesting a simple answer, Why does this site list scores that are not used by anyone? Look it up google myfico 8 scores for mortgages. One of the first things that comes up is "Myfico rolls out 8 and nobody uses it". So unless you know of a mortgage company that uses this score or can provide the answer you can save yourself from thinking you are looking educated by diverting one question into another answer that doesn't serve anyone. 

---

The simple answer is that it doesn't. The scores posted are, indeed, the ones used by most grantors of credit. The fact that your particular mortgage lender may not have used the scores provided here, doesn't negate that reality.

[Thomas_Thumb]

---

@Anonymous wrote:

I am not the type of person to post an uniformed rant but you appear to be a person to go on a long rant about something that has nothing to do with my question. I simply wanted an answer to why this site posts scores that nobody uses. They give people a false sense of their credit worhiness and likely people are applying for mortgages and other things under false pretenses. One of the first things that comes up is "Myfico rolls out 8 and nobody uses it".

---

The scores referenced by various types of lenders are clearly identified in the Fico 3B report and various articles available on myFICO and elsewhere . Fico 8 IS widely used by credit card issuers and other creditors. However, Fico 8 IS NOT generally used by mortgage lenders. MyFICO indicates that mortgage lenders use Fico 4 scores from EQ and TU (the EQ score is often referred to as Beacon score 5 or Fico score 5 and the TU is referred to as Fico score 4 ... BOTH OF THESE ARE BASED ON THE FICO 4 MODEL) and the  Fico 98 model (called Fico score 2) from EX.

As an FYI, my Fico 8 scores on my 3B report were 20 to 54 points higher than my Fico 4 scores. Fico 4 certainly appears to be more sensitive to how many credit cards show a balance, recent inquiries and credit utilization than Fico 8. Unfortunately, you can do nothing about inquiries to enhance your score. However: if you can:

1) limit # cards used to one credit card and a charge card (if you have one)

2) Keep utilization on the one CC under 30% and overall utilization under 20% (under 10% overall is ideal but 20% should be fine)

your Fico 4 score could see a 20 point jump.

[MarineVietVet]

This thread started off poorly and never improved.

Time to move on.