myfico= better name would be my fako

[Involver]

OP,

Your time would probably be better spent doing more due diligence to ensure that all three of your reports are clean before heading into the mortgage process than to get angry and start throwing around accusations like "fraudulent" because your scores aren't where you thought they would be.

The scores here are legitimate FICO scores.  Lenders use 08 algorithms for all sorts of products.  Credit, loans, auto, etc ...

You are right, mortgage scores aren't for sale here.  The EQ04 was changed over to 08 a few months ago.  EX and TU never offered products for sale here that would match the FICO used for your mortgage app.  

As I'm sure you are aware, your middle score is the one that will be used.  So, even though one score didn't match what you thought it would be, there are still several other factors to consider.

I wish you good luck in cleaning up the negatives on your report and securing your home loan.  

[pumpkin1dog]

Just hoping paying off the auto loan that had been delinquent will give me a 25 point boost. I know I will not get the best mortgage but it would be much cheaper than renting. If nothing else I'll just wait a few months and try again. And a person SHOULD BE ABLE TO GET THE ACTUAL REAL SCORE USED FOR A MORTGAGE. FREE. Thanks for the replies.

[VirtualCuriosity]

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@pokerpro wrote:

Actually I am an AU user on two of my wife's accounts

and I realized after pulling equifax ( discussed that in a different post with Revelate) that FICO 08 is not accounting for them as part of the ( accounts paid as agreed)  and/or balance reporting for me

Also, I read the OP message about the inaccuracies of FICO 08. But as simple as that may sound - if you work to get your report clean, and do your part to ensure good credit management, why does it really matter to you what version they pull???

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After reading your post, I went to see if my last pull included my AU account and it does.  My DW added me last month. 

[RecoveredDebtaholic]

I suspect you will find your score drops instead of increases by paying off your car. And the score IS given free to you by prospective lenders during the pre-approval / pre-qualification process.

[bdhu2001]

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@pumpkin1dog wrote:

Just to clarify exactly where I am at. I did have 14 derogatories on my report. I'm being general here there were a couple more on one a couple less on another but 14 is about average. I also had approximately 12k in credit card which put my utilization ratio quite high, I had 4 open installment loans one of which was 30 days late twice in the past six months (due to divorce proceedings). My eq score was according to my fico on june 6 of this year 541.                                                                                                                  I came into a large sum of money (80k) and was gonna pay off some things and reserve about 50k for a 185k home. A pretty substantial down payment and me without knowing how mortgages work nowadays was completely shocked when I called a mortgage company to learn that a large (even a very large) down payment means nothing without a good credit score so I went to work, following the advice of a credit expert from equifax, I paid off all credit cards with the exception of one so the 12k went to 2k, I paid off the ex wife's car,four days ago, which was deliquent but now is paid in full. contacted all the creditors that showed a collection with and settled up with them, getting a letter from each that they would remove the negative marks on my reports which they did. there went another 1k, not a large amount and most of the colections were very small medical bills that I didn't even know I had.                                                                                                                                                                                                                                  fast forward to today, I have two bad marks on my current report, the ex-wifes car which will disappear soon as I just paid it off, and the number of inquies. My eq score shown on myfico is 705. in the real world its a 595, when I first began this whole process with all the negatives listed above it was 585, both of those numbers were according to quicken, I just dont understand how on my fico my starting score was 541, eq it was 585, now myfico 705, eq,595.  I don't know ;what my starting score was on tu but it is 726 myfico today and 685 according to quicken, I started with a myfico experian score of 539, now myfico says 726, real world is 594, Im really starting to believe that there should be some type of legislation put in place where comsumers can get a real deal 100 percent accurate number of what your score is for all types of loans, that way people like me won't be fooled into thinking they are doing alright but in reality they're just wasting time and money..

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My FICO bankcard score and mortgage score do not show such a large variance as what you're describing, but my Mortgage FICO score seems to lag behind quite a bit on the updates.  Has it been over 45 days from when you did all the stuff that you were advised to do from the credit expert?  I have one bad derog on my record, but it's from 2010.  

My scores was only 50 apart when I started.  I don't know what they are now, because I stopped having the prequal people pull my  FICO mortgage scores.  I had them check once at the begining of my house shopping journey and a second time when I thought I had gotten my middle score above 760. Quicken uses all three scores.  What was your middle score?  I got my FICO bankcard score to move from 751 to 839.  My starting mortgage FICO scores, on 4-28-14, were: EQ 695; EX 748; TU 697

My mortgage scores on my second pull, on 5-28-14, were EQ 780; EX  771; TU 725. The four companies I rate shopped with said that the middle score needed to be above 740 so I only corrected the information on EQ.  It didn't dawn on me until after the second pull that I should have corrected the misinformation on all three CBAs. 

I've now corrected the information on with TU, but Ex never showed the incorrect data.  The change on my EX score is solely due to paying down/off accounts and getting my utilization below 9% on one card and 0 ballances on my other cards.  The changes on TU and EQ is from correcting misinformation and paying down accts, but I have a 60 day late pay on my account from 2010 (due to co-signing on my son's car).  I can't do anything about the derog, because even though the car is paid off and it was a co-sign, the auto company won't GW take it off my record. 

Because my FICO bankcard score is listed on two of my accts, I know my July FICO bankcard scores are EX 839; TU 792,  but I'm unaware of current mortgage FICO score. My point is don't give up.  As you can see, I made drastic changes in my score in 30 days by doing what you're doing.  The only difference is that I researched the internet and started my credit journey prior to getting my score and using the information on myFICO.  

I purchased my EQ FICO score on 6-26-14 and from use of the simulator, I know that the last 6K I paid on credit cards should have went to my student loan if I wanted a better score.  But I'm happy to have a better debt ratio. If you need to know how your mortgage FICO score is changing, join:

M&T Bank - Beacon 5.0 - $2.99/mo - M&T Bank offers a monthly EQ FICO for those who have a checking account and use their web banking service. It's provided on a monthly basis and also includes factors that impact your FICO score. or

Digital Federal Credit Union - Beacon 5.0 - FREE - As a checking account holder for a couple of different checking accounts, DCU will provide for you your EQ FICO on a monthly basis and it'll be delivered via a private message.

[Revelate]

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@pumpkin1dog wrote:
Just hoping paying off the auto loan that had been delinquent will give me a 25 point boost. I know I will not get the best mortgage but it would be much cheaper than renting. If nothing else I'll just wait a few months and try again. And a person SHOULD BE ABLE TO GET THE ACTUAL REAL SCORE USED FOR A MORTGAGE. FREE. Thanks for the replies.

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Unfortunately the only way to do that is to, well, make a mortgage app.  Cost of an inquiry on each report (least if you do it at a single bank as I understand it vs. brokers)

It's not a bad idea, at all, to do that when you start thinking about purchasing a home in six months to a year (on the assumption people aren't impulse buying houses): first it gives you the assessment from ALL three bureaus, second when mortgage inquiries hit the report there's lots of anecdotal evidence that the old JDB's and other CA's come out of the woodwork, and that gives you a chance to take care of any outstanding issue now rather than having it come up and potentially derail your mortgage plans when it really counts.  As longtimelurker suggests, having an early benchmark is useful, though not certain I agree with stopping when you reach a goal: given the nature of fixing credit report derogatories I subscribe to not stopping until it's clear you've done what you can (like I have a CA that apparently *never* deletes, and a 30/60 on a lender which is notorious for laughing at GW's) as all you can do after that point is not screw up and let time pass.

While I agree that it'd be nice if we had convenient access to the scores, maybe through annualcreditreports, I'm not certain I see it as happening realistically.

Anyway, to your situation specifically: don't throw a bunch of money at resolving a car loan and figuring it will give you 25 points: quite likely it will not.  Take the time to analyze your report, see why your scores are depressed, and see about fixing that problem first.  If your loan is in good standing currently, you might actually lose points on the transaction.  Don't make knee-jerk reactions, spend the time in the Rebuilding Your Credit forum, share your derogatories, and get good advice on how to potentially resolve them: the ONLY path to quick FICO improvements (other than no-file and thin-file situations) is to get derogatory information removed. 

I can't stress enough, do this before doing ANYTHING else.