topic Banks that use FICO 8 in Mortgage Loans

Banks that use FICO 8

Anonymous — Fri, 09 Jan 2015 23:42:34 GMT

My scores on this website are 711, my lender is pulling in 620s, does anyone know of lenders who use FICO 8?

Re: Banks that use FICO 8

StartingOver10 — Sat, 10 Jan 2015 00:00:48 GMT

@Anonymous wrote:
My scores on this website are 711, my lender is pulling in 620s, does anyone know of lenders who use FICO 8?

No. the lenders use

Equifax Beacon® 5.0;

Experian®/Fair Isaac Risk Model V2SM; and
TransUnion FICO® Risk Score, Classic 04.

See this link from the stickies for helpful info http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-Score-Versions-Required-by-Fannie-Mae/td-p/3631301

Re: Banks that use FICO 8

Lemmus — Sat, 10 Jan 2015 03:29:08 GMT

@Anonymous wrote:
My scores on this website are 711, my lender is pulling in 620s, does anyone know of lenders who use FICO 8?

...a difference of ~90 points is unusual ...you should query the CRs on the reasons for the low scores to see if there is something you can do to improve them quickly ...the weighting is very different between the models, so be sure to ask them specifically regarding the 04 scores they gave your lender ...it varies widely depending on whats in your specific file ...as SO10 said, you're unlikely to find a mortgage lender that doesn't use the 04 as its base, its the industry standard ...hth

Re: Banks that use FICO 8

Peter1142 — Sat, 10 Jan 2015 13:53:59 GMT

Are there AU accounts hurting your score in 04 and ignored in 08?

Re: Banks that use FICO 8

Anonymous — Sun, 11 Jan 2015 01:04:29 GMT

My best guess is that 04 weighs old data heavier.... I have no late payments for 2 yrs and fairly good credit usage, but prior to 2 years ago I was always late on payments. No big things like bankruptcies etc, just dozens of late payments. Sorry, is AU authorized user? If so, I am not on anyone's account, but I have someone on one of my credit cards to help with his credit ( which it did, gotta love this... Putting him on my credit card in good standing brought him from 570 to 640 for middle score, he is now higher than me...LOL. Credit is definately frustrating.)

Re: Banks that use FICO 8

Anonymous — Sun, 11 Jan 2015 10:55:23 GMT

@Anonymous wrote:
My best guess is that 04 weighs old data heavier.... I have no late payments for 2 yrs and fairly good credit usage, but prior to 2 years ago I was always late on payments. No big things like bankruptcies etc, just dozens of late payments. Sorry, is AU authorized user? If so, I am not on anyone's account, but I have someone on one of my credit cards to help with his credit ( which it did, gotta love this... Putting him on my credit card in good standing brought him from 570 to 640 for middle score, he is now higher than me...LOL. Credit is definately frustrating.)

This assumption is one I've seen here over and over again and is most likely the cause in your large score difference.

Only time and removal will help in this case.