Accurate Scores?

[Anonymous]

How accurate are the Mortgage 2,4 and 5 scores here on myFICO? And are these usually the same as what lenders see/use for applications?

Thanks!

[AllZero]

Accurate

Yes

[chiefone4u]

The mortgage scores you buy from MyFico are the exact same scores 90%+ of mortgage lenders use.

As with ALL scores there could be fluctuations in score from day to day (as utilization, AoOA, AAoA, AoYA ,etc cross different thresholds).

[Anonymous]

Thanks! My MyFICO score updates on the 4th of each month. Lets say my mortgage score then are all above a 640 or higher. No negs, cc under 8%, and only 1 late within last 6 months. Should I wait longer to apply for a home loan? Asking due to I want to sooner than later, and I also don't know how fast my scores shall increase after then do from my fixes. And I do want to mortgage shop around. With that being said, should I do all my shopping within a certain time frame? Say a week? And how long to those approvals last for? Say I'm approved for the loan in my price range but don't find a home I like quick. Do I have time to house shop long?
Sorry for all the questions. I'm just new to this and want my best out come, and learn, so I know what to expect and what I'm getting into.

Thanks.

[JVille]

Is that one 30 day late the only negative item in your credit report? If everything else is good, DTI, etc then as much as lenders hate it you will likely be ok. I would submit a letter immediately at time of application addressing that Late Pmt and briefly explain it was an extraordinary event, an unfortunate oversight.

[Anonymous]

30 day late was one back in March. On a current cc which is in good standing. It was a mishap.

There was one more but on a closed out, refinanced student loan which is now a new/different account. Would you think they look at the closed/paid accounts also?