topic Re: What do lmost lenders use for Mortage scores in General Credit Topics

What do lmost lenders use for Mortage scores

Anonymous — Thu, 09 Jul 2015 15:46:56 GMT

Hello all - first time poster -

Looking to take out my first Mortage in the next few months. My fico scores are 666 - Equifax, 687 - Transunion, 686 Experian.

From what I understand this is right on the bottom line of what most lender will approve or much less offer a decent rate.

Does anyone know what scores are pulled by what lenders? I'm concerend i'll go into this process assuming I should be approved for a loan and they'll pull some mortage enhanced scores that I've never seen that might be even worse than my standard fico scores. As a result i'll incurr hard credit hit and not be approved.

Any help reagarding this subject is most appreciated.

Thank you

Re: What do lmost lenders use for Mortage scores

takeshi74 — Fri, 10 Jul 2015 13:08:18 GMT

This sticky is in the Understanding FICO Scoring subforum:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617

MyFICO is now selling additional FICO score versions as described in this press release. These include two FICO scores often used by mortgage lenders: Experian FICO Score 2 (also known as EX-98 or Risk Model v2) and Equifax FICO Score 5 (also known as EQ-04 or Beacon 5). A third score used by mortgage lenders (Transunion FICO Risk Score Classic 04, also known as TU-04) will be available later in 2015.

If you want to rely on numbers I recommend trying to determine which specific model and CRA('s) your mortgage lender uses.