cancel
Showing results for 
Search instead for 
Did you mean: 

2 Loan commitments? How long for fico to update? Fico 5 or fico 8?

New Member

2 Loan commitments? How long for fico to update? Fico 5 or fico 8?

Hi everyone! Do lenders use fico score 5 or fico score 8?

 

How long does equifax take to update fico score? Im a myfico member and I had an account removed from equifax yesterday, when will it affect my fico score? Is there any way to expedite this???

 

Does anyone know if you can get 2 loan comittments to select between them or if you should get 2 pre-approvals? I noticed lenders seem to play games with rates, rate cap, rate float, the list goes on and it seems like you dont get to see what the rate can be locked in at until you commit and they commit????

6 REPLIES
Established Member

Re: 2 Loan commitments? How long for fico to update? Fico 5 or fico 8?


foxandhound1 wrote:

Hi everyone! Do lenders use fico score 5 or fico score 8?

 

How long does equifax take to update fico score? Im a myfico member and I had an account removed from equifax yesterday, when will it affect my fico score? Is there any way to expedite this???

 

Does anyone know if you can get 2 loan comittments to select between them or if you should get 2 pre-approvals? I noticed lenders seem to play games with rates, rate cap, rate float, the list goes on and it seems like you dont get to see what the rate can be locked in at until you commit and they commit????


I, too, would love to know the answer to the question about the 2 loan commitments. I am in the application process for FHA and wonder if i can proceed with 2 loans in order to get my hands on what the real rates and payments will be. Hopefully someone answers.



Message 2 of 7
Established Contributor

Re: 2 Loan commitments? How long for fico to update? Fico 5 or fico 8?

They don't use 8, and use the 5.  As far as the other question someone else has to chime in on that, I know you can get one from 2 different lenders.

" EX 687 EQ 701 TU 695 MMS 695"
Message 3 of 7
New Member

Re: 2 Loan commitments? How long for fico to update? Fico 5 or fico 8?

ok so 2 loan commitments are ok?

 

 

Message 4 of 7
Established Contributor

Re: 2 Loan commitments? How long for fico to update? Fico 5 or fico 8?


foxandhound1 wrote:

Hi everyone! Do lenders use fico score 5 or fico score 8? 


 

On the MyFICO 3-B Score Report, the scores used for mortgages are:

  • Equifax FICO Score 5

  • Experian FICO Score 2

  • TransUnion FICO Score 4

Whichever is the middle score (not average) for you is the one that matters.

 

 


foxandhound1 wrote:

How long does equifax take to update fico score? Im a myfico member and I had an account removed from equifax yesterday, when will it affect my fico score? Is there any way to expedite this???


 

The monitoring doesn't trigger on removals...  only a new pull (or other triggers) will cause an update.

 

 


foxandhound1 wrote:

Does anyone know if you can get 2 loan comittments to select between them or if you should get 2 pre-approvals? I noticed lenders seem to play games with rates, rate cap, rate float, the list goes on and it seems like you dont get to see what the rate can be locked in at until you commit and they commit????



With any good lender, you should be able to see the current rates for your scores - if your LO can't help you with that... get a different LO/bank.  Rates are, of course, still subject to change until locked.  But you don't need to lock to discuss your rate/points options based on "today's" rates.

Also keep in mind that, depending on the lender, you will likely end up with some non-refundable fees for going beyond a pre-qual to a full pre-approval or rate lock.  If you're ok with losing that cash... you can lock multiple lenders.  I wouldn't in most cases - you'll lose money, and the LO will lose time.

EQ8:843 TU8:840 EX8:850 EQ9:850 TU9:850 EX9:850 EQ5:774 TU4:791 EX2:809 - 2018-11-07
Message 5 of 7
New Member

Re: 2 Loan commitments? How long for fico to update? Fico 5 or fico 8?

I asked one of the lenders and they told me there are no fees/not set in stone. But Ugh I dont trust him. 

 

That is why I wanted to get 2 loan commitments from 2 different banks prior to appraisal. I know of many people who lost financing in the last minute and had to scramble with another bank to close. Sometimes the seller doesnt give them time to find another finance bank etc so they lose the house. 

 

Has anyone else used 2 different lenders to get 2 loan commitments and then select which one you are going with?

Message 6 of 7
Valued Member

Re: 2 Loan commitments? How long for fico to update? Fico 5 or fico 8?



 

 

The monitoring doesn't trigger on removals...  only a new pull (or other triggers) will cause an update.


Monitoring does trigger for updates to your credit report especially if it increases or decreases your credit score.  Mines triggered with tradeline updates that were in dispute, inquiries, and credit score changes that met score thresholds.

 

How long does it take to be removed, it depends if it was a dispute with the CRA or the creditor.  I was told by a creditor it can take the end of the next billing cycle for updates to hit the credit report.  Transunion tends to take longer.  For example, I paid off a credit card bill in August  paid by due date of August 9th, the $0 balance did not show up until after the Sept due date passed.

 

Hope that helps.. 

Message 7 of 7