cancel
Showing results for 
Search instead for 
Did you mean: 

Free mortgage scores

Established Contributor

Free mortgage scores

This trick will require joining 2 credit unions and using subexistence's Law of Lowest Medians.

 

According to http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-the...

  • NASA FCU provides free EX mortgage scores.
  • DCU provides free EQ mortage scores.

You might ask "So I can get free EX and EQ but what about TU mortgage scores?" Well there are some facts about mortgage scores.

 

https://budgeting.thenest.com/credit-score-used-mortgage-3229.html

"Out of the three credit scores that represent your personal credit history (based on credit reports from Transunion, Experian and Equifax), the score that mortgage lenders commonly use is the one in the middle."

 

https://www.trulia.com/blog/the-perfect-credit-score-for-buying-a-house/

"Once you’re over 740, you’re considered to be in the ‘perfect’ range for mortgages,

 

Taken together, those 2 quotes together means that we just need to make sure the median mortgage score is above 740 or 760 with PMI to get best rates. Here comes my Law of Lowest Medians. My official law states "You just need the lower of your EX and EQ to be above 740 or 760 with PMI. Let's prove it below.

 

Let's say I pull my EX score from nasa and it's 762 and my EQ score from DCU is 771. We have the 3 possible situations.

 

  1. My transunion score is higher than both my EX and my EQ. In this case my median would be 771.
  2. My transunion score is between my EX and my EQ. In this case my median is anywhere between 762 and 771.
  3. My transunion score is lower than both my EX and my EQ. In this case my median would be 762.

As you can see, the median will always be between 762 and 771. This would be true even if my TU score was as low as 550.

The median of 550,762,and 771 is in fact 762. 

 

As such there is no reason to buy your TU mortgage score if your free EX and EQ scores are above 740 or 760.







Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
5 REPLIES
Established Contributor

Re: HOW TO NOT PAY FOR MORTGAGE SCORES!!!

Excellent!!

~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


Take the myFICO Fitness Challenge
Message 2 of 6
Moderator Emeritus

Re: HOW TO NOT PAY FOR MORTGAGE SCORES!!!

If you need your mortgage scores a long time in the future (greater than 1 year), sure you can set those accounts up (HP each last I checked).

 

IF you need them right now, it's a pretty bad idea if you're worried about scores at all to take inquiries which might move you down a tier.

 

Pay the $60 in that second case, .25% will cost you a helluva lot more over the life of the loan.

 

Also as a moderator please don't use caps for titles.




        
Message 3 of 6
Established Contributor

Re: HOW TO NOT PAY FOR MORTGAGE SCORES!!!

I took no hard pulls getting either cu.






Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
Message 4 of 6
Established Contributor

Re: HOW TO NOT PAY FOR MORTGAGE SCORES!!!


@Revelate wrote:

If you need your mortgage scores a long time in the future (greater than 1 year), sure you can set those accounts up (HP each last I checked).

 

IF you need them right now, it's a pretty bad idea if you're worried about scores at all to take inquiries which might move you down a tier.

 

Pay the $60 in that second case, .25% will cost you a helluva lot more over the life of the loan.

 

Also as a moderator please don't use caps for titles.



@Revelate wrote:

If you need your mortgage scores a long time in the future (greater than 1 year), sure you can set those accounts up (HP each last I checked).

 

IF you need them right now, it's a pretty bad idea if you're worried about scores at all to take inquiries which might move you down a tier.

 

Pay the $60 in that second case, .25% will cost you a helluva lot more over the life of the loan.

 

Also as a moderator please don't use caps for titles.


Not sure how the all caps happened!?

~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


Take the myFICO Fitness Challenge
Message 5 of 6
Valued Member

Re: Free mortgage scores

WyHy provides TU score quarterly and according to this post even those outside Wyoming can join over the phone.

Message 6 of 6