@alyssamarie wrote:I signed up for the 3 bureau monitoring and it listed Fico 2 and Fico 5 as the most common used for lending.
I asked our lender and she said she didn't know which one they used, is that normal? We are applying for down payment assistance so our lender options are limited.
It's nearly 100% guaruntee it will be those scores. Most of the front-line folks don't know, same as an Amex CSR in many respects.
End of the day you can only go with what the lender pulls, but in this case, walk in with a smile knowing you almost have a better chance of winning the lottery than getting a different score than those two out of three. The one you're missing is TU 04 Classic, but at least you know the high and low bounds for where you can land.
@takeshi74 wrote:
@alyssamarie wrote:Also, which version do mortgage lenders typically use and does this show that score?
Typically FICO 04. MyFICO provides 08 scores. In other words, you can't get the scores typically used by mortgage lenders from myFICO.
This sticky is in the Understanding FICO Scoring subforum.
As of 2014, FICO 08 is reported to be the most commonly used by lenders. However, most mortgage lenders use FICO 04 for Equifax and Transunion, and FICO 98 for Experian.
Yeah got to be rewritten, the verbiage at the top is right but the rest needs to be redone in the aftermath of FICO's massive product update.