@Anonymous wrote:Not sure if 08 or 04 would treat me better. Hubby got pre approved for VA loan but we want to use my salary to get a higher pre approval so lender told me to do some things to pop my TU score up a bit - currently 613 and need to go to at least 620. He is going to re run my report mid October so will see what happens.
I was going to get my new scores here but I think there are too many differences between 04 and 08 so probably not worth paying $ here for 08 scores ;-(
Until the GSE's change their underwriting guidelines to the newer models, we're stuck with EQ 04, TU 04, EX 98 for the conceivable future in the mortgage market: short of the GSE's being regulated out of existence (which doesn't seem likely even if it might make sense) I'm not holding my breath for any sort of change in that regard.
For everything else, FICO 8 is the dominant pull by the major lenders anecdotally, though of course Auto lending is it's own bailiwick.
@Anonymous wrote:Here is the million dollar question- how close do fico04 and fico08 run.
At the end of August my lender ran the tri merge scores and used fico04. Experian was the lowest at 605 and he told me to do some stuff to increase score so I did.
I got 2 collections deleted and lowered utilization- fico08 now has my new score at 665 and Equifax was fico04 639 and now with the changes fico08 has 659- both are big jumps!
so how close do you think fico04 will be , I want to ask lender to run again but still hesitant and wonder if I should wait another couple weeks?
Any thoughts?
No way to say unfortunately as it's not 1:1 for any two individuals, but both actions (assuming you didn't pay all of the credit card debt down to $0) should be a positive regardless of algorithm selected, but does depend by how much (how the revolving balances are reporting now vs. before), and what is still left on your report in terms of derogatories.
If there are derogs which are still in process of coming off, or you can further tweak your utilization, I'd do that before asking the lender to repull, but certainly sounds like you're making good progress!
