topic Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores in Understanding FICO® Scoring

Just curious... what is the maximum spread between FICO 8 and Mortgage scores

KatieKatie — Wed, 12 Jun 2019 21:55:02 GMT

There is currently an 80 point spread between my EQ FICO 8 and my EQ mortgage scores (83 between 9 and 5). Fortunately EQ is not my middle score so I'm not trying to reverse engineer it as it's fairly irrelevant, but I can't help but be curious as to whether there are any DPs on the max? Thinking I've got to be pretty close to it at this point.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

SouthJamaica — Wed, 12 Jun 2019 22:11:27 GMT

@KatieKatie wrote:
There is currently an 80 point spread between my EQ FICO 8 and my EQ mortgage scores (83 between 9 and 5). Fortunately EQ is not my middle score so I'm not trying to reverse engineer it as it's fairly irrelevant, but I can't help but be curious as to whether there are any DPs on the max? Thinking I've got to be pretty close to it at this point.

I've had moments when there was over a hundred point difference between my highest FICO 8 score and my lowest mortgage score.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

Thomas_Thumb — Wed, 12 Jun 2019 23:55:42 GMT

@KatieKatie wrote:
There is currently an 80 point spread between my EQ FICO 8 and my EQ mortgage scores (83 between 9 and 5). Fortunately EQ is not my middle score so I'm not trying to reverse engineer it as it's fairly irrelevant, but I can't help but be curious as to whether there are any DPs on the max? Thinking I've got to be pretty close to it at this point.

Classic EQ Fico 04 (score 5) which is also referred to as EQ mortgage score is highly dependent on # cards reporting balances. I can shift my EQ Fico 04 score 45 points just by changing # cards reporting balances from 2 of 6 to 6 of 6. I had no change in EQ Fico 8.

My greatest difference was: EQ Classic Fico 8 - EQ Classic Fico 04 = 850 - 764 = 86 points.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

Anonymous — Thu, 13 Jun 2019 00:22:26 GMT

@Thomas_Thumb wrote:
My greatest difference was: EQ Classic Fico 8 - EQ Classic Fico 04 = 850 - 764 = 86 points.

Similar results here with those same two scores when moving to all accounts with reported non-zero balances: 844 - 765 = 79 points.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

KatieKatie — Thu, 13 Jun 2019 01:05:27 GMT

Wow! I was expecting 30-40 points but didn’t realize the gap could be so wide.

The number of accounts reporting non zero balances is interesting. I was working to get to all zero except one but this won’t be happening before I apply because of residual interest for two accounts that posted as the statement cut. I anticipated this but the accounts wouldn’t let me pay more than the current balance. If only I could wait one more month...oh well

I do have 3 or 4 more accounts that will report as 0 this week so I’ll be curious to see if that brings the numbers a bit closer together.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

Anonymous — Thu, 13 Jun 2019 01:53:55 GMT

On the accounts that didn't report $0 due to interest, I would pay off the interest if I were you and call those lenders and request an immediate off-cycle reporting. If they are willing to do so (it's sort of 50-50 and lender-specific if they will) that will give you a couple of more $0 balances reported.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

KatieKatie — Thu, 13 Jun 2019 02:44:51 GMT

Thank you BBS. I actually tried that and Comenity was a no go. They sent a 0 balance letter and TU will update based on that (they’re my middle score). Unfortunately however I’m going to have to move forward with finalizing the preapproval on Friday so I doubt I will have time for it to show up. Kind of backwards but I am preapproved now but asked them if they will refresh my report after I get to AZEO if there is a meaningful bump in my score. The LO agreed but I need to move forward to close on time so I’m giving it all until Friday. My other account was Macy’s and my statement cut last night and I paid the residual today. I’ll call them and give it a shot to see if they will and how quickly.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

SouthJamaica — Thu, 13 Jun 2019 03:45:39 GMT

@KatieKatie wrote:
Wow! I was expecting 30-40 points but didn’t realize the gap could be so wide.

The number of accounts reporting non zero balances is interesting. I was working to get to all zero except one but this won’t be happening before I apply because of residual interest for two accounts that posted as the statement cut. I anticipated this but the accounts wouldn’t let me pay more than the current balance. If only I could wait one more month...oh well

I do have 3 or 4 more accounts that will report as 0 this week so I’ll be curious to see if that brings the numbers a bit closer together.

In the future you need to push, rather than pull, the payments to cover the interest.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

KatieKatie — Thu, 13 Jun 2019 11:29:20 GMT

@SouthJamaica I cannot believe I didn’t think of that!! Well, I will next time...

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

Anonymous — Thu, 13 Jun 2019 14:59:28 GMT

Speak with the account specialist team when you call Macy’s credit (DSNB) and ask for an off cycle update, they should be able to push it out within 24 hours, If you get someone knowledgeable willing to work with you I’m waiting for one now

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

KatieKatie — Fri, 14 Jun 2019 01:32:34 GMT

@Anonymous wrote:
Speak with the account specialist team when you call Macy’s credit (DSNB) and ask for an off cycle update, they should be able to push it out within 24 hours, If you get someone knowledgeable willing to work with you I’m waiting for one now

Thanks Birdman. I spoke with an AS at Macy's this morning you're right and they had no problem doing it (although they quoted their standard timeframe of 3-5 days), now I'll just see if by some miracle it's captured in the cycle tonight as I'm instructing our LO to rerun our credit tomorrow to ensure we close on time.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

KatieKatie — Fri, 14 Jun 2019 17:30:51 GMT

Just wanted to report back how amazingly quick this off cycle report with Macy's was. I checked Exp and it was updated this morning. Literally less than 24 hours after I made the request. EQ and Trans are not updated, but I think that is the bureau's delay, not Macy's. Thanks for all the help!

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

Anonymous — Fri, 14 Jun 2019 17:52:33 GMT

Yes ma’am I told you it would be done within 24 hours and yes ma’am you’re right TU & EQ are just slow, it’s not DSNB’s fault.

Re: Just curious... what is the maximum spread between FICO 8 and Mortgage scores

Anonymous — Fri, 14 Jun 2019 17:54:15 GMT

3 to 5 days is probably accurate for TU & EQ, btw, but as you plainly articulated its the bureaus fault.