Fico score 5 ( commonly used mortgage )

[bsal]

Does anyone know how I can raise this score it seems to be whay most credit unions are checking rather than the score 8

[KSK1912]

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@bsal wrote:
Does anyone know how I can raise this score it seems to be whay most credit unions are checking rather than the score 8

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Most simple rules of increasing your fico 8 score applies to your mortgage score too. Not too many new accounts, not too many inq's, low utilization, on time payments. And most importantly no collection / judgement / deragoteries. I raised my fico 8 score by almost 200 points, and my mortgage scores by 120 points in a matter of 8 months. Started last june at 500 fico scores, and right now i am over 700. Mortgage score were around 530's and in February i was approved for mortgage and scores were between 650 - 680

[bsal]

Thank. But what I found funny was back in March my fico 8 score was at 624 and my fico 5 score ( commonly used mortgage lenders score ) was at 650.
Now in April my fico 8 score is 675 and my fico 5 mortgage score is 635 I don't understand. When my fico 8 score was low my fico 5 mortgage lenders score was high now it's vice versa.

[Revelate]

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@bsal wrote:
Thank. But what I found funny was back in March my fico 8 score was at 624 and my fico 5 score ( commonly used mortgage lenders score ) was at 650.
Now in April my fico 8 score is 675 and my fico 5 mortgage score is 635 I don't understand. When my fico 8 score was low my fico 5 mortgage lenders score was high now it's vice versa.

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They don't weight or even factor all things the same.

FICO 8 forgives problems more quickly (in broad strokes), and FICO 8 factors installment utilization into the mix whereas FICO 04 doesn't... also the big ones effectively FICO 8 wants open accounts for full scoring, FICO 04 if you didn't have CC's for example wasn't that big of a deal, not the case anymore.

My own scores have gone back and forth over the past four years in terms of which model is better, just fortunately for me when I actually pulled the trigger on the mortgage my FICO 04/98 scores were "good enough"

Isn't much to read into them, the strategy for optimizing one's file for FICO 8 applies equally well to FICO 04, simply it doesn't measure them quite the same way.

[bsal]

Understandable the reason I'm so hard pressed is because I would love to get that 2.49 intrest rate with DCU for an auto loan and they told me my score would have to be in the 675 range that's fico 4 mortgage score and right now I'm at 631

[bsal]

If only dcu would pull my experian that fico mortgage score is sitting at 775 lol

[Revelate]

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@bsal wrote:
If only dcu would pull my experian that fico mortgage score is sitting at 775 lol

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Hah!  Check with a different CU then .

I think when I got my auto loan with DCU I was at 640 or thereabouts EQ Beacon 5.0, which at the time was worth a 6.0% rate 3ish years back.  You waiting for a negative to come off EQ that would explain the disparity?

[bsal]

Yes I'm waiting on 3 to be exact so hopefully that will give me a little bump along with a paid off credit card will bring my credit utilization down to 5% and debt to income down to 2.18 % . I'm waiting till September but the sooner the better. I have a navy federal account but I think dcu rates are better

[bsal]

Hell I would even be good with a 3.99 intrest rate from any cu lol