Need advise on my FICO Scores

Anonymous · ‎03-30-2019

Hi there folks,

My wife and I recently decided to start looking for a home by the end of this year, but more likely the end of 2020. I decided to check my credit score and I noticed there were several FICO Scores. My FICO Score 8 was lower than my FICO Score 2 by almost 60 points. However, I beleive they use the FICO Score 2 for home mortgage loans. Does anyone know which one is used for home mortgage? Additinoally, any advise on how to increase my credit score in preparation for the end of next year? Few key points, we've paid off all our installment loans at the beginning of 2018 so our Debt-to-Income Ration is low.

Anonymous · ‎03-30-2019

I believe the standard for mortgages is Experian 2, Transunion 4, and Equifax 5. They should pull all 3. Do you have any other open installment loans? While it is great that you paid off the cars, your scores will also drop if you have no other open installment loans due to the points associated with "credit mix".

Since you have a little while before applying, I would search in these forums for the AZEO method and become familiar with it. I would also consider opening up a SSL(loan) and then paying it down slowly for the next few years(you can search here for this also).

What are your current FICO scores? It would help to give the people here as much info as possible to better guide you.

SouthJamaica · ‎03-30-2019

@Anonymous wrote:
Hi there folks,
My wife and I recently decided to start looking for a home by the end of this year, but more likely the end of 2020. I decided to check my credit score and I noticed there were several FICO Scores. My FICO Score 8 was lower than my FICO Score 2 by almost 60 points. However, I beleive they use the FICO Score 2 for home mortgage loans. Does anyone know which one is used for home mortgage? Additinoally, any advise on how to increase my credit score in preparation for the end of next year? Few key points, we've paid off all our installment loans at the beginning of 2018 so our Debt-to-Income Ration is low.

EX FICO 2 is the mortgage score.