FICO SCORES!!!!

[Anonymous]

Yes, most mortgage lenders do use FICO scores but they use an older version that was calculated a bit differently. So the FICO scores you pull from here (most updated version) usually won't match the scores mortgage lenders use.

[MidnightJester]

I would say that the FICO scores you get from MyFico currently are for your use only and almost a FAKO. I see very few people that say their Myfico scores were the same or close to what lenders pull. Mortgage is def not close to MYfico08 scores, Credit cards are sometimes ok but still people are off their MYFICO scores.

[taxi818]

So you are saying all the fico scores here are rarely used by lenders. I'm waiting to compare my transunion fico here withwalmart. Who is the lender gecrb.  To see if accurate. 

[Goodness]

Are they less or more than myfico. I purchased the equifax power score it was 592 and myfico 594. I am trying to get mortage loan by myfico scores would qualify me. Should I wait till I get myfico scores to actually 640 to be on safe side.

[taxi818]

Yes absolutely you must wait. That is bare bones to get mortgage. Unless va loan. Which is 620.

[taxi818]

Well the fico scores here at not what is used for mortgage for sure. You can search the threads here. Many indeed. About the scores here. Mostly for credit cards.

[reneasworld]

Are the my fico scores lower often lower or higher than the mortgage lender scores? Also, even though they may not be exact, are they similar to the scores for other pulls, cc, auto loan, etc?

[taxi818]

Well auto scores are generally higher. But. Hard to say. But. I will say. If you go by these scores here. They are the closet to the truth. So don't get discouraged. If you need about 50 points. They. You will need to be diligent. Pay all credit cards to zero every month except 1. Keep that 1 between 1 and 9 percent of total credit limits. No lates. And you will have your scire within 6 months. Don't apply for anything new.

[reneasworld]

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@taxi818 wrote:
Well auto scores are generally higher. But. Hard to say. But. I will say. If you go by these scores here. They are the closet to the truth. So don't get discouraged. If you need about 50 points. They. You will need to be diligent. Pay all credit cards to zero every month except 1. Keep that 1 between 1 and 9 percent of total credit limits. No lates. And you will have your scire within 6 months. Don't apply for anything new.

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Thanks! I don't plan on buying a house (I short sold my previous house and plan on moving to Atlanta then) for at least three years but I do want to build up my scores to the 700+ range.  I did just do a soft app spree which consists of Express ($500), Loft ($500) and J. Crew ($250) to assist with utilization and I currently have 3 other lines of credit: FINGERHUT ($400) - which is almost at full utilization but plan on paying half this month and then half next month, Premier  ($500) - just received the card in June it only has $23 on it and Capital One (750) which  has a $171 on it that I plan on paying in full before statement. Also, I have been an authoried user on Best Buy since 2001 and it has $1,000 with utiliation currently at $62 ( I noticed that it does have an effect on my CC utiliation when she carges something so I include it in my numbers. The only pull that I plan on doing is for a phone plan this week but have no plans to apply for anything until next year around March 2015 for another car, maybe?

Oh, I would like to see increases on my current card but I have not learned the SP tricks to build that up yet

[taxi818]

Well all those store cards. Every one of them does the sp or shopping card trick. You could have save a few hard pulls. Well. Unless you need it. I would drop myself from the card that you are au on. Time for you alone to effect your score. Remember. Pay all down to 0 each month except 1. Add the total of all your cards together. And keep less than 10 percent on that 1. You will maximize score each month that way.