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Help understanding scores before I apply for USDA home loan

Stephie1919
Established Member

Help understanding scores before I apply for USDA home loan

Hi all, I've been working to get my credit up because I'd like to purchase a home this year. I qualify for USDA and am confused with my scores and if I'm actually ready to even apply. So from what I've read it says minimum score required for the loan is 640. So on myfico my scores are . Eqx-655 TU-636 and Exp-646. I am expecting those to go up a little more as ive had a collection removed and paid a little more on my cc's to bring the utilization down. My question is when I look at the "Score version by loan type Mortgage" my scores are all lower(Eqf- 591 TU-586 EXP 585) and havent seemed to move as my scores initially displayed have gone up. What scores are they gonna use when I apply? And why haven't those scores gone up at all. My credit jumped at least 40 points and those scores never changed. Thanks for your help with my 2 part question. 

Message 1 of 4
3 REPLIES 3
dragontears
Valued Contributor

Re: Help understanding scores before I apply for USDA home loan


@Stephie1919 wrote:

Hi all, I've been working to get my credit up because I'd like to purchase a home this year. I qualify for USDA and am confused with my scores and if I'm actually ready to even apply. So from what I've read it says minimum score required for the loan is 640. So on myfico my scores are . Eqx-655 TU-636 and Exp-646. I am expecting those to go up a little more as ive had a collection removed and paid a little more on my cc's to bring the utilization down. My question is when I look at the "Score version by loan type Mortgage" my scores are all lower(Eqf- 591 TU-586 EXP 585) and havent seemed to move as my scores initially displayed have gone up. What scores are they gonna use when I apply? And why haven't those scores gone up at all. My credit jumped at least 40 points and those scores never changed. Thanks for your help with my 2 part question. 


On myFICO your mortgage scores will only update when you refresh your reports, the FICO8 scores update whenever there is a trigger event. 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 4
LaHossBoss
Senior Contributor

Re: Help understanding scores before I apply for USDA home loan


@dragontears wrote:

@Stephie1919 wrote:

Hi all, I've been working to get my credit up because I'd like to purchase a home this year. I qualify for USDA and am confused with my scores and if I'm actually ready to even apply. So from what I've read it says minimum score required for the loan is 640. So on myfico my scores are . Eqx-655 TU-636 and Exp-646. I am expecting those to go up a little more as ive had a collection removed and paid a little more on my cc's to bring the utilization down. My question is when I look at the "Score version by loan type Mortgage" my scores are all lower(Eqf- 591 TU-586 EXP 585) and havent seemed to move as my scores initially displayed have gone up. What scores are they gonna use when I apply? And why haven't those scores gone up at all. My credit jumped at least 40 points and those scores never changed. Thanks for your help with my 2 part question. 


On myFICO your mortgage scores will only update when you refresh your reports, the FICO8 scores update whenever there is a trigger event. 


+1

 

You will have to do a new 3B pull to get all 3 updated mortgage scores.

 

You can always check on experian app/website for your current EX mortgage score (and other scorecards) when you sign up for a trial (make sure to cancel the trial right after getting them so you dont forget and get charged for a subscription!). It will only give you your EX mortgage score and not the other 2, tho. But if you are not ready to do a 3B pull on myfico, then it might at least be a way to see how that one score has come along in your rebuild.

 

I would say, when you think you are ready to app for the mortgage, that is when to do a 3B pull or if you have a myFICO subscription, and when the new reports become available, you will see them then.

 

Good luck!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 639] | EX [F8 718] [F9 673] [EX2 681] [VS3 675]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 661] [F9 622] [EQ5 677] [VS3 646] | TU [F8 705] [F9 673] [TU4 639] [VS3 627] [VS4 666] | EX [F8 719] [F9 708] [EX2 679] [VS3 665]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 3 of 4
Birdman7
Super Contributor

Re: Help understanding scores before I apply for USDA home loan

For general information on how scoring works, read the Primer linked at the top of my signature.
-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 4 of 4
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