Pleasant surprise this morning seeing my eq jump 22 points. Am I correct in thinking my ex and tu most likely did the same?
Since its scaled differently would mortgage lenders view a 620 va loan as sufficient still? Ex was my highest at 626 last week eq 578 and tu 557.
How does fico 08 translate to a "lending score"
Since its scaled differently would mortgage lenders view a 620 va loan as sufficient still? Ex was my highest at 626 last week eq 578 and tu 557.
How does fico 08 translate to a "lending score"
Starting TU: 536
@JustinA wrote:
Pleasant surprise this morning seeing my eq jump 22 points. Am I correct in thinking my ex and tu most likely did the same?
Since its scaled differently would mortgage lenders view a 620 va loan as sufficient still? Ex was my highest at 626 last week eq 578 and tu 557.
How does fico 08 translate to a "lending score"
I am no expert on this topic but from what i have read, i think mortagage lender use 04 scores more . I think maybe some credit cards use an bank enhanced version of 08 but i am not am 100% sure on that
@mongstradamus wrote:
@JustinA wrote:
Pleasant surprise this morning seeing my eq jump 22 points. Am I correct in thinking my ex and tu most likely did the same?
Since its scaled differently would mortgage lenders view a 620 va loan as sufficient still? Ex was my highest at 626 last week eq 578 and tu 557.
How does fico 08 translate to a "lending score"I am no expert on this topic but from what i have read, i think mortagage lender use 04 scores more . I think maybe some credit cards use an bank enhanced version of 08 but i am not am 100% sure on that
Yeah, there's no difference as the lenders will pull whichever score they want and the scores received here may not match.
The vast majority of mortgages underwrite on the FICO '04 algorithm, so unfortunately if we're talking FICO '04 to FICO '08 transition then it's irrelevant to mortgages.
That said, if your FICO '08 went up, non-zero chance your FICO '04 did as well (or stayed flat which was common in my case) but it won't be by the same amount statistically. Generally anything that triggers a positive increase on one algorithm will on another too, just it's weighted in some cases very, very differently even on the base/classic score between the versions as we've seen recently.
