@Anonymous wrote:
@Anonymous wrote:First off, the older scores tend to be tougher on negatives. I would guess your 04 scores are lower than what you see on my fico. 2nd, work on the negatives via pfd, goodwill letters whatever. There are tips and ideas on how to do it all over this forum. My scores have improved greatly from the knowledge i have gotten here. 3rd, I keep the score monitoring for the short term because seeing the increases as I progress keeps me focused on what I am doing. Once all my bad stuff is gone I will reconsider my 20 bucks per month, but for now the motivation of seeing the scores go up keeps me going.
My scores are all up over a hundred points in 6 months since finding this wonderful place, equifax is up closer to 200. Best of luck!
So what your saying is most likely my scores that a mortgage lender use are lower than myfico. Do you know how much lower? I greatly appreciate it. I actually just got denied by Barclays which seemed odd, since my scores are pretty decent, they said my one collections account prevented it. Anyways, again thanks for the replies.
If you have old derogatories my and other people's anecdotal experience is that the FICO 04/98 versions that mortgages are underwritten on will penalize them more heavily than FICO 8.
I did get a chance to do a stupid test (mistake on the IRS's part filing a lien after I'd paid had fringe benefits haha) and my EQ 04 and EQ 8 scores were virtually identical (within two points of each other) when it first got tacked on, but by month three they were pulling apart and six there was already substantial seperation.
@Anonymous wrote:But to add to what I said, I believe myfico scores reflect the best score when your util is under 10%!
That was established when Beacon 5.0 was the primary benchmark for forum status. Since the vast majority of mortgages are underwritten using that exact score as one of the trifecta, I would indeed suggest lower is still better; however, <30 is a lot better than many. At least on my score I didn't lose tons of points for a 26% utilization, but my file is very dirty and people with higher scores / cleaner files will take a harsher penalty for utilization.