HELOC SCORE VERSIONS

[Thomas_Thumb]

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@Have1 wrote:

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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. 

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Nice to see the migration is underway. Interesting that they are using F10. My understanding is mortgages will be based off F10T or VS4. 

Perhaps some lenders aren't embracing the hype attributed to models with trended data.

[GrillMasterTake2]

Long story short, we decided to go a different route and we're NOT getting a HELOC. Instead, we're applying for a new mortgage. I'm supposed to unfreeze my reports today or tomorrow for the bank to pull. 

I'm hoping they pull 5/4/2, since they're the strongest on my profile. We're going through a small community bank, so I'm hoping they stick with 5/4/2. We shall see... 

[GrillMasterTake2]

There's a significant difference between my 5/4/2 scores and the new 10T versions.

790 5/4/2middle  vs 746 10T middle score. Curious to see which version my bank pulls.

My banker has told me they give the best rates at 740. I "should" be Golden regardless of which version they pull, but 10T is too close for comfort for me! 

[GrillMasterTake2]

A small, regional bank pulled my Fico 5/4/2 mortgage scores today! This is exactly what we wanted. No Fico 10 version at all! My scores were as follows: 

We're hoping this is over quickly! This process creates a lot of anxiety...