HELOC SCORE VERSIONS

[GrillMasterTake2]

Good afternoon fellow MyFico'ers!  

Formerly griallandwinemaster, until myfico made me create a new profile!! 😢 

Simple question, for a HELOC or a Home Equity Loan, which score versions do most Banks usually pull??

I know for a mortgage it's 5/4/2, but this would be for tapping into equity on a home with NO current mortgage. Do banks still use 5/4/2 score versions??

Thank you for your input! Very much appreciated!!

[ShanetheMortgageMan]

It's lender-specific, but I've found most still use 5/4/2's but there are many that use FICO 8's now, and often just a single bureau instead of a tri-merge.  

[GrillMasterTake2]

Thank you Sir! Appreciate the feedback. Looks like I need to find a bank/lender that uses middle 5/4/2 scores. I'm liking that 790 middle mortgage score! 

Is there any appreciable difference between the 790 middle vs Equifax 761 ver 8? Thank you again, Shane. 

 Current FICO 8 scores: 

Equifax 761

TUnion 748

Experian 730

Current 5/4/2 Scores: 

Equifax 791

TUnion 777

Experian 790

[Thomas_Thumb]

Isn't the benchmark for best home equity loan rates still a 760 score or has it increased to 780?

[ShanetheMortgageMan]

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@Thomas_Thumb wrote:

Isn't the benchmark for best home equity loan rates still a 760 score or has it increased to 780?

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It'll vary by lender, but a lot of them have a 780+ credit score pricing tier and even a few even have an 800+.  

[Thomas_Thumb]

Good to know.

For S&G I checked an on-line search engine. The top input tier it offered for credit score was 780-850. The input tier options were:

1. 780-850

2. 760-779

3. 740-759

4. 720-739

5. 700-719

6. 680-699

7. 660-679

8. 640-659

9. 620-639

10. <620

That's more granularity in credit score tiers for interest rate shopping than I anticipated.

[nuriyakaila]

Yeah, most lenders don’t stick to 5/4/2 for HELOCs - they’ll often use a more current score version. In my experience, they care more about your overall profile than the exact score model.

[Have1]

I am in the process of getting a Home Equity Loan from Navy Federal and they pulled my FICO 10 from Equifax.  So, there's that.

[GrillMasterTake2]

Fico 10!?! How about that! It's my understanding a few lenders are "migrating" over to the Fico 10 version. At the moment, my scores favor the Fico 8, and are strongest on Fico 5/4/2 versions. 

[Have1]

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@GrillMasterTake2 wrote:

Fico 10!?! How about that! It's my understanding a few lenders are "migrating" over to the Fico 10 version. At the moment, my scores favor the Fico 8, and are strongest on Fico 5/4/2 versions. 

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I was a bit surprised, too.  The LO told me my score was 839 and since I had just been looking at my scores I knew that wasn't one of my 5/4/2 scores.  So I asked what score version is that?  She told me FICO 10. 

Looking at my scores, FICO 10 and FICO 8 seem to be fairly close to each other.  So there is that.