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2 Bureaus staying that same after 1 increased???

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Anonymous
Not applicable

2 Bureaus staying that same after 1 increased???

This is all still so new to me so please forgive me that it doesn't quite make any sense to me. My husband and I are looking to get a house and the lender we are going with needs us to have a Fico of 640.

For the month of Septemper, my scores were EQ-637. TU-638. EX-637.

For the Month of October my scors were EQ-666. TU-638. EX-637.

So we thought for sure it was just a lag in the system and the other two would catch up for the month of November. Well I checked over the weekend and sure enough, it was the SAME!!!!  EQ-666. TU-638. EX-637.  This is just so confusing and its very discouraging. Any help would be appreciated! Thanks!!! 

20 REPLIES 20
Anonymous
Not applicable

Re: 2 Bureaus staying that same after 1 increased???

The folks here can help you out better if you tell them where you are getting your scores.  Did you purchase a subscription for the myFICO Ultimate 3B product?  Or are you getting them from credit cards?  Somewhere else?

 

If you purchased the Ultimate 3B product, bear in mind that the scores you want are the mortgage scores.  The mortgage scores are about a third of the way through the report and are not the FICO 8 scores.  The FICO 8 scores are updated fairly frequently, but the mortgages scores are only updated every 90 days.

Message 2 of 21
Anonymous
Not applicable

Re: 2 Bureaus staying that same after 1 increased???

Sorry about that! I have the subscription through MyFico for the monthly report updates. When I do look through the different scores I am looking at the ones specifically through the "Mortgage scores" I had no idea they only update every 3 months! They might better explain why they havent changed. 

Message 3 of 21
Anonymous
Not applicable

Re: 2 Bureaus staying that same after 1 increased???

It looks like the product description has changed in two ways

       (a) It used to cost $30/mo.  Now it is $40/mo.

       (b) It used to specify that you only get the report with the scores "quarterly."  The word quarterly has been removed.

 

https://www1.myfico.com/products/fico-credit-monitoring

 

If any of the more experienced contributors or moderators are reading this, has the product switched to the "premium" flavor -- which gives you monthly reports/scores and costs $40/mo?

Message 4 of 21
Anonymous
Not applicable

Re: 2 Bureaus staying that same after 1 increased???

Hey CreditGuyInDixie:

 

I don’t quite agree with your statement, “...the mortgages scores are only updated every 90 days.” This is true only if you get your updated report once every 90 days. myFICO will update your mortgage scores EVERY time you get a new report. Each new report had calculated a completely new (updated) cadre of FICO Score Versions based upon each new report data.

 

It is true that your FICO 8 on your DASHBOARD will update frequently and if you check your additional FICO Score Versions under your dashboard, the values will not change for 90 days; but that is only because your report has not changed during that time. If you click on that link and go to the other versions and click on the various FICO score versions (other than FICO Score 8 at the top) you will see the date of that score. The date will correlate with the date of your last pull of your report. “FICO® Score 8 based on Equifax data as of 11/26/2017…FICO® Score 5 based on Equifax data as of 11/20/2017.”

 

However, kstar220, CreditGuyInDixie and I are talking semantic details. I agree with everything else he said with reference to where you get your scores from and what you should be looking at. To add a caveat to CreditGuy’s points, you will want your MIDDLE mortgage score to be the value your lender is requesting from you. You want to check your FICO Score 5 EQ, FICO Score 4 TU, and FICO Score 2 EX to get your three mortgage scores

 

In your case you should ask your lender if he uses this middle score principle because you said, “the lender we are going with needs us to have a Fico of 640.” More than likely that is your middle mortgage FICO score. If you have a 630 EQ, 635 TU, and 645 EX; that would not be sufficient for your lender (if 640 is his number). Most lenders knock off the high (645 EX) and low (630 EQ) scores and use the middle (TU’s 635). There are many locations on the forums that will give you far more details; but this is a start.

 

To summarize, make sure you look at your mortgage FICO scores and remember those values will only update when you pull a new report. Your product (myFICO Ultimate 3B) will only provide you a free updated report every 90 days; however, anytime you pull (pay for) another report, your mortgage scores will be updated as well. Check with your lender, mortgage broker, or whoever is pulling your file and getting the underwriters to evaluate you; that they use the middle score principle. Finally, make sure you have at least two of your mortgage scores above your needed value.

 

Remember, any score you pull is but a snapshot of your credit risk. It can change (score) seconds after you pull it. If you are planning on buying a house and only do good things in the meantime (pay on time, pay down your DTU, don’t apply for any new credit, etc.) then you can draw a conclusion that how your FICO 8 score goes, so will your mortgage scores (for the most part, but be careful). Fundamentally, if I were planning on spending six figures on property in the next several months; I would spend $19 a couple times a month prior to my loan request simply to ensure that I am set, there are no surprises, and I command the situation NOT the lender.

 

If it is possible for you, try to get your score higher (670 to 739). That is considered “Good” per FICO, which will really help you with interest rates. Make it to 740 to 799 and you are now in the “Very Good” category. A 640 score puts you in the medium high risk category (compared with 670 at medium risk and 740 at low risk). The difference between a 640 and 670 could be 1% - 2% points difference on your interest rate (hundreds of dollars in monthly payments) and/or fees to close. Best of luck.

 

Y

Message 5 of 21
Anonymous
Not applicable

Re: 2 Bureaus staying that same after 1 increased???

Hey ytzak.  Here's the full context of what I said:

 

If you purchased the Ultimate 3B product, bear in mind that the scores you want are the mortgage scores.  The mortgage scores are about a third of the way through the report and are not the FICO 8 scores.  The FICO 8 scores are updated fairly frequently, but the mortgages scores are only updated every 90 days.

 

Thus the limitation of getting your mortgage scores every 90 days was if the person purchases the Ultimate 3B product.  Naturally a person could purchase additional reports (at $60 each) and get new updated scores for each additional report.

 

Actually, as I mentioned in a followup, I am wondering whether they have changed the terms of the subscription so that you get a report every month (rather than the old 90 days).

 

 

 

Message 6 of 21
Anonymous
Not applicable

Re: 2 Bureaus staying that same after 1 increased???

Hey ytzak.  Here's the full context of what I said:

 

If you purchased the Ultimate 3B product, bear in mind that the scores you want are the mortgage scores.  The mortgage scores are about a third of the way through the report and are not the FICO 8 scores.  The FICO 8 scores are updated fairly frequently, but the mortgages scores are only updated every 90 days.

 

Thus the limitation of getting your mortgage scores every 90 days was if the person purchases the Ultimate 3B product.  Naturally a person could purchase additional reports (at $60 each) and get new updated scores for each additional report.

 

Actually, as I mentioned in a followup, I am wondering whether they have changed the terms of the subscription so that you get a report every month (rather than the old 90 days).

 

 

 

Message 7 of 21
SouthJamaica
Mega Contributor

Re: 2 Bureaus staying that same after 1 increased???


@Anonymous wrote:

It looks like the product description has changed in two ways

       (a) It used to cost $30/mo.  Now it is $40/mo.

       (b) It used to specify that you only get the report with the scores "quarterly."  The word quarterly has been removed.

 

https://www1.myfico.com/products/fico-credit-monitoring

 

If any of the more experienced contributors or moderators are reading this, has the product switched to the "premium" flavor -- which gives you monthly reports/scores and costs $40/mo?


I just looked at what is being presently offered, and there were only 2 monitoring products that I saw: (a) the ultimate 3B, which costs $29.95 per month, and which updates the 3-bureau mortgage scores quarterly, and (b) the 1-bureau Equifax report, which costs $19.95 per month, and updates the mortgage score monthly.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 8 of 21
Anonymous
Not applicable

Re: 2 Bureaus staying that same after 1 increased???

Actually, as I mentioned in a followup, I am wondering whether they have changed the terms of the subscription so that you get a report every month (rather than the old 90 days).”  Well CreditGuyInDixie, I guess that is where we separated tough patterns. Ultimate 3B DOES give reports ever month if you paid an additional $9.95 for the service. So you CAN have the Ultimate 3B and have the mortgage scores updated every month.

 

SouthJamaica you may not be able to see the advantage. If you click on the link CreditGuy provided above and then click on “Get access now” below the $29.95 link, a separate popup will appear asking if you want monthly reports for an additional $9.95. This is where CreditGuyInDixie and I tracked differently. I have that service and thus I knew the Ultimate 3B does give out monthly mortgage scores. It appears he was unaware of that. Screen Shot attached. As always, anyone can buy a new report at any time for about $48 (they usually give a 20% discount).

 

3B Ultimate.jpg

 

Y

Message 9 of 21
Anonymous
Not applicable

Re: 2 Bureaus staying that same after 1 increased???

Unless they changed the subscription, I am getting charged 39.95 - 42.35 after tax. So should my Mortgage Fico be updated as well? It does say for all the reports updated 11/25/2017.

Message 10 of 21
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