topic Re: need help understanding which fico was pulled by lender in Rebuilding Your Credit

need help understanding which fico was pulled by lender

Anonymous — Tue, 30 Jun 2015 01:29:02 GMT

I currently have a mortgage and am planning on relocating..Ive been taking all advise on her last cpl months my scores were pulled by my Mortgage lender on 3-19-2015

just not sure which fico system they are they read as follows Exp/fair issac(version 2) 611, Trans/Fico classic(04) 602, Equif/Fico classic v5 facta 597

-I dont want to do another hard pull yet , at time of this pull i had 5 accounts in collections. got 2 PFD the other 3 are from 2011 medical collections totaling$300 working on pfd

-have not been late on mortgage in 18 months(1 30 day late Jan of 2014)

-Have gotten one creditcard with opensky, use it and make sure only reports 5-7% balance(opened april 2015)

-my major problem was/is the collections and i had no credit besides my mortgage so with those 2 baddies off and now have a creditcard i must have gained some pts?? Im about to sign up for myfico monthly but want to make sure its the same score my lender is using. I had a cpl personal loans in 2012 that report i paid on time but they are closed..just $1000 loans i paid off but still on my report

Thanks

Re: need help understanding which fico was pulled by lender

CreditDunce — Tue, 30 Jun 2015 01:41:31 GMT

Yes, MF shows you your mortgage scores when you purchase your scores. The monthly monitoring is FICO 08 scores (not useful for you). Here is a sticky you can review:

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

Re: need help understanding which fico was pulled by lender

Anonymous — Tue, 30 Jun 2015 11:44:49 GMT

just so confused on what scores are real..thanks

Re: need help understanding which fico was pulled by lender

Anonymous — Tue, 30 Jun 2015 19:28:48 GMT

Are you sure the OpenSky card is reporting? Does it show up on CK for example?

You don't want to do the initial MyFICO pull before everything you want to show is reported. I made that mistake and ended up with initial scores that did not reflect my balances that were reporting that month. Still kicking myself for that one.

If all you have is the Open Sky card you should get one more credit card at the very least - it will give you another small score boost when it reports. Wait until the late payment ages past 24 months before applying for a refi, you will get another score boost at that point.

Re: need help understanding which fico was pulled by lender

Anonymous — Wed, 01 Jul 2015 00:49:38 GMT

Yes the opensky CC just started reporting few wks ago on creditkarma,gave me a boost i was 582 on Creditkarma and between my new cc and getting a collection deleted now says 623 but i know not real score, I dont really want to wait another 6 months to move but well see what happens just trying to do what i can...really hoping i get the medical collections to agree to pfd as they are pretty much only bad things left on my reports, but like i said i dont have much credit just pay my mortgage every month..

Re: need help understanding which fico was pulled by lender

CreditDunce — Wed, 01 Jul 2015 01:24:13 GMT

@Anonymous wrote:
just so confused on what scores are real..thanks

It is very confusing. The only score that matters is the one the lender is going to use. We know what most mortgages use (middle score of EX-98, EQ-04 & TU-04), but we often have to guess what FICO model a lender is for other loans. If you want a chart of how the different FICO models and their official names, the following thread a decent (if slightly out of date) chart:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Where-to-obtain-FREE-monthly-FICO-scores/td-p/2555469

PS. If you can be added as an authorized user onto a good credit card, it could give you a significant mortgage credit score boost. You don't need them to give you the card. Just be added to the account. Ideally, an account that has been open a long time with perfect history. Not all mortgage lenders will allow you to have AU accounts. But AU is just as good as your own account as far as the mortgage FICO scores go.

Re: need help understanding which fico was pulled by lender

Anonymous — Wed, 01 Jul 2015 01:31:56 GMT

Great thanks, yes I have heard bad/good about authorized user accounts im going to check with a relative make sure his account is in good standing and go from there i know his scores are very good...above 750, I just dont want to have it hurt me thats the last thing i need lol

Re: need help understanding which fico was pulled by lender

CreditDunce — Wed, 01 Jul 2015 02:12:46 GMT

Yes, it is possible if he has high utilization, it would hurt your credit score. And possibly more importantly from a mortgage app/refi, hurt your DTI. However, it is a great way to get some fake credit card history. Add a 10 year old credit card with perfect history and it is just like it was your credit card for the past 10 years. He may even have a couple of possible cards he could add you to.

The other things to consider:

1) will the AU account be reported by the credit card company (most will report)

2) will the CRA match the AU account to your credit report (helps if you have the same address. last name, etc). Also, more likely if the CCC will use your SSN.

3) it can take several months after the AU account is reported before it starts showing up on your credit report (getting rid of it can be much faster).

4) You will still need to establish your own credit card history. The short cut is nice, but you will still need to establish your own history. More current FICO scores limit the effect of AU accounts more than the older FICO models.

Good luck!

PS. If it turns out the AU hurts your score, you can easily be removed. Once you are removed as an AU, normally the trade line will be deleted from your credit report. You can also dispute the AU account as not being yours from each CRA. If you dispute it, it shouldn't take long at all for the AU account to be removed.