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Posts: 52
Registered: ‎11-19-2012
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mfFico EQ Beacon 5?

Hello everyone!!!! 

I just want to confirm that myFico EQ score is in fact Beacon 5 that most lenders use. My mortgage broker said she uses Beacon 5 for her score pulls for the EQ score. Can someone confirm that and share where you got that info from? 

It is crunch time. I completed my student loan rehab and my myFico EQ score as of 04--30-13 is 663. I completed rehab April 1. My Idenity Guard updated today and all the scores jumped. None of the reports are showing the Dept of Ed accounts that were in collections. In fact, there is nothing with Dept of Ed and Sallie Maie is now showing in good standing. 

My lender pulls my scores tomorrow to see if I hit the middle score I need. Knowing if Beacon 5 is actually used here will help give me more piece of minde. I need a 640, 

Thanks everyone!!!! 


Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: mfFico EQ Beacon 5?

Yes, what you get from myFICO is Beacon 5.0 and is the same used by most lenders.  There is a newer 9;0 but I don't think it is widely used.

New Contributor
Posts: 52
Registered: ‎11-19-2012
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Re: mfFico EQ Beacon 5?

guiness56,

 

I called myFico today and they told me they are now using Beacon 8. Any clue about Beacon 8 and how close it is to Beacon 5 score wise? Dude on the phone said his myFico EQ score was a couple points below the score his lender pulled.

Thanks!

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: mfFico EQ Beacon 5?

New Contributor
Posts: 52
Registered: ‎11-19-2012
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Re: mfFico EQ Beacon 5?

guiness56:
I never heard of Beacon 8 either. I googled it and nothing came up. All the master posters like you, have said Beacon 5 is used here. That is what my lender sees for the EQ score. When the dude on the phone said, Beacon 8, my thought was, "oh great, my hopes of getting the green light for my home loan just tanked". My Beacon 5 score (myFico) is 663. I need a 640 middle score. All the times my lender pulled my scores during my rehab my EQ score was always the lowest of the 3. EX was the middle and TU the highest. Rehab is done and my reports are showing good stuff but I have no idea what scores she will see. I have been trying to guess the best I can on whether I will be at 640 for my middle score. sigh..

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: mfFico EQ Beacon 5?

I think you were misinformed.  EQ on myFICO is Beacon 5.0.  There is no Beacon 8

New Contributor
Posts: 52
Registered: ‎11-19-2012
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Re: mfFico EQ Beacon 5?

I may have been misinformed, but I called twice and both times they said Beacon 8. The dude said they just recently went to Beacon 8. Who knows? Matters not now. I got the green light from my lender. myFico EQ score is 663. The score she pulled for EQ was 665. Rehab done and in a year or so I will be in the 700's then refi time if all goes well with the inspection and appraisal and we get the house. Offer accepted.

ASH WILL ALWAYS BEAT THE DEADITES!!

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Registered: ‎12-30-2011
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Re: mfFico EQ Beacon 5?

[ Edited ]

ash4life wrote:

I may have been misinformed, but I called twice and both times they said Beacon 8. The dude said they just recently went to Beacon 8. Who knows? Matters not now. I got the green light from my lender. myFico EQ score is 663. The score she pulled for EQ was 665. Rehab done and in a year or so I will be in the 700's then refi time if all goes well with the inspection and appraisal and we get the house. Offer accepted.

ASH WILL ALWAYS BEAT THE DEADITES!!


Hmmm. 

 

Guiness is correct, there is no "Beacon 8"

 

What there is, is a "Beacon 9.0" which is commonly referred to as a FICO '08 model and that may be the source of some confusion.  I truly hope this is incorrect information, for the truly important big ticket item in life (mortgage) it's all Beacon 5.0, I'll be more than a little annoyed personally if they take the EQ "mortgage score" away from us and replace it with what's a less useful score in my mind. :smileywink:

 

That said, the moderators at least haven't heard of any change; we wouldn't be the first to be informed, but I'd be stunned if myFICO rolled a change of this magnitude out without posting regarding it first.  For now I'm still operating under the assumption that it's the same Beacon 5.0.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Posts: 52
Registered: ‎11-19-2012
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Re: mfFico EQ Beacon 5?

Yeah, I think it's Beacon 5 too. Cause my score watch updated by 2 points and that score was the same EQ score my lender pulled. Not sure why the 2 people at myFico said Beacon 8.

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