FICO scores used for mortgage - and where to obtain them

[Ups77]

I ask my loan officer yesterday he said usaa uses fico 3 for there home loans if that helps. But we can't get them.

[Revelate]

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@Ups77 wrote:

I ask my loan officer yesterday he said usaa uses fico 3 for there home loans if that helps. But we can't get them.

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"FICO 3" = FICO 04 model, namely it was the third major mainline release of the FICO algorithm.  This is a designation that never caught on to these forums as EX is the only one of the bureaus to have actually used it, but it can be found around the net if you're curious enough to look.

Explicitly both the EQ and TU mortgage trifecta scores are available here and match what the usaa loan officer suggested.  EX is still on the older v2 model, or EX 98 in forum lingo, but is also available here.  Not surprised the LO didn't know the scores were slightly different, I've been guilty of promoting that myself in yesteryear.

@Anonymous: EX has some different sensitivety than either EQ/TU because it's a slightly different version; for example if another installment loan payment recorded it can move EX 98 but will do nothing from the data to either EQ/TU as they just don't appear to use it.

[Anonymous]

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@StartingOver10 wrote:

Yes, your mortgage scores here are the same ones that your lender uses. Of course if there are changes to your credit report between your pull and your lenders pull those changes could reflect in your score. You actually could make application now with confidence based on the scores you just provided.

Feel confident that those are the scores and congratulations! if you want to make extra sure, just pull the 3 B report that shows all three mortgage scores. You might want to wait until you know the new balances have updated if you want to see the effect of your balance paydowns. Sounds like you have everything handled

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I'm not 100% sure but I don't think that's true. The TU pull here, I thought I was reading ppl say, isn't TU Classic 04 but TU 98. Most mortgage lenders use TU Classic 04. MyFico, I love the forums but the scores are really confusing. I find the labels confusing. I pulled my TU score and report from TransUnion's website -- how close is that to TU Classic 04???

[Anonymous]

@Revelate wrote:

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@Ups77 wrote:

I ask my loan officer yesterday he said usaa uses fico 3 for there home loans if that helps. But we can't get them.

---

"FICO 3" = FICO 04 model, namely it was the third major mainline release of the FICO algorithm.  This is a designation that never caught on to these forums as EX is the only one of the bureaus to have actually used it, but it can be found around the net if you're curious enough to look.

Explicitly both the EQ and TU mortgage trifecta scores are available here and match what the usaa loan officer suggested.  EX is still on the older v2 model, or EX 98 in forum lingo, but is also available here.  Not surprised the LO didn't know the scores were slightly different, I've been guilty of promoting that myself in yesteryear.

@Anonymous: EX has some different sensitivety than either EQ/TU because it's a slightly different version; for example if another installment loan payment recorded it can move EX 98 but will do nothing from the data to either EQ/TU as they just don't appear to use it.

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FICO Score 2 and FICO Score 3 from EX are both included in the FICO Score 3B Report and the Ultimate 3B credit monitoring. When I pulled mine, they are the same scores. Will have to wait for more data points to see if they trend the same or not.

[Revelate]

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@Anonymous wrote:

@Revelate wrote:

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@Ups77 wrote:

I ask my loan officer yesterday he said usaa uses fico 3 for there home loans if that helps. But we can't get them.

---

"FICO 3" = FICO 04 model, namely it was the third major mainline release of the FICO algorithm.  This is a designation that never caught on to these forums as EX is the only one of the bureaus to have actually used it, but it can be found around the net if you're curious enough to look.

Explicitly both the EQ and TU mortgage trifecta scores are available here and match what the usaa loan officer suggested.  EX is still on the older v2 model, or EX 98 in forum lingo, but is also available here.  Not surprised the LO didn't know the scores were slightly different, I've been guilty of promoting that myself in yesteryear.

@Anonymous: EX has some different sensitivety than either EQ/TU because it's a slightly different version; for example if another installment loan payment recorded it can move EX 98 but will do nothing from the data to either EQ/TU as they just don't appear to use it.

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FICO Score 2 and FICO Score 3 from EX are both included in the FICO Score 3B Report and the Ultimate 3B credit monitoring. When I pulled mine, they are the same scores. Will have to wait for more data points to see if they trend the same or not.

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I can tell you first hand already they don't .  Non-trivially too.

[Anonymous]

Despite reading this entire thread, and several others, I'm still unclear on the accuracy of the Ex02, Eq5 & TU4 reported for me here ESPECIALLY if some mortgage lenders "modify" the scores/reports.

Do ALL mortgage lenders use all 3 scores and use only the middle score in arriving at a rate?

[Anonymous]

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@Anonymous wrote:

Despite reading this entire thread, and several others, I'm still unclear on the accuracy of the Ex02, Eq5 & TU4 reported for me here ESPECIALLY if some mortgage lenders "modify" the scores/reports.

Do ALL mortgage lenders use all 3 scores and use only the middle score in arriving at a rate?

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No one knows or, has an idea?

[StartingOver10]

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@Anonymous wrote:

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@Anonymous wrote:

Despite reading this entire thread, and several others, I'm still unclear on the accuracy of the Ex02, Eq5 & TU4 reported for me here ESPECIALLY if some mortgage lenders "modify" the scores/reports.

Do ALL mortgage lenders use all 3 scores and use only the middle score in arriving at a rate?

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No one knows or, has an idea?

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Yes they all use the 3 scores and the mid-score is your qualifying score. There is one known exception:  portfolio lenders can choose whatever scoring formula they want to use because they do not sell the loan so they do not have to conform to any Fannie, Freddie or FHA/VA or USDA loan requirements.  There is also one mortgage lender that appears to use FICO 8 scores according to one poster here - that has not been verified by others, but the name of that lender is Guild Mortgage. 

[Anonymous]

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@StartingOver10 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Despite reading this entire thread, and several others, I'm still unclear on the accuracy of the Ex02, Eq5 & TU4 reported for me here ESPECIALLY if some mortgage lenders "modify" the scores/reports.

Do ALL mortgage lenders use all 3 scores and use only the middle score in arriving at a rate?

---

No one knows or, has an idea?

---

Yes they all use the 3 scores and the mid-score is your qualifying score. There is one known exception:  portfolio lenders can choose whatever scoring formula they want to use because they do not sell the loan so they do not have to conform to any Fannie, Freddie or FHA/VA or USDA loan requirements.  There is also one mortgage lender that appears to use FICO 8 scores according to one poster here - that has not been verified by others, but the name of that lender is Guild Mortgage. 

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Thanks!

How accurate are the scores MyFICO provides that I'm paying for?

[StartingOver10]

You can read through the posts to verify that the mortgage scores are exactly the same as pulled by your lender if they are pulled on the same day and no changes have been made to your TL's.  People that experienced a variation pulled their scores with their lender and their scores here at different times which reflected changes in their reports.

I am not referring to FICO 8 scores. I am referring to FICO mortgage scores.