Which score does Bank of America use for loans?

[Anonymous]

Following up on my HELOC journey.

I got the standard letter from Bank of America after they pulled my credit. They pulled TU, but they don’t say which version, exactly. In the graph, it says “Trans Union Classic Fico,” then in tiny print “Risk Score Classic 08-0418.” So does this mean Fico 08?

I would have thought they’d use 02-04-05 for a HELOC.

The score is really high, 797. I was never on either of the mortgages with my ex, and have no installment loans showing. Thin file. I can’t see my mortgage scores being that high unless the person at the computer is too.

I was intensely curious to see what my mortgage score is. I don’t have that available online for another 20-something days.

[Revelate]

HELOC’s don’t underwrite like mortgages: actually I don’t know if I have ever heard of one that pulls all 3.

It’s basically 3x as expensive for the pull which is probably a big part of underwriting a HELOC these days cost wise... I think BOFA is on TU FICO 8 same as they provide under the FICO Open Access, based on that disclosure it is not an industry option and it sounds like FICO 8 though I am a little confused at the last part of it though.

Congratulations regardless!

[Anonymous]

Thanks, Rev!

Interesting, that they don’t use a mortgage FICO for HELOCs. I was so worried about not being up to scratch for their pull because mortgage scores tend to be so much lower.

As far as procedure, there has been a bit of confusion and delay on documents, but seems we have it all straightened out now and now is the big tension of waiting-waiting-waiting. They do say that ‘no news is good news’ for most of this process.

One step at a time.

P.S. Is it weird that I was disappointed not to see a true mortgage score?! (Maybe not with this crowd....😁)

[Revelate]

Laugh nah not that weird here certainly, but count your credit blessings where you can: 780+ is a fantastic score regardless of FICO model and I am glad everything is turning out well for you.