Ok, so I was going crazy waiting for MyFico Premier to update in 3 days (you know us rebuilders...), so I used the 7 day free trial on the Experian.
Am I reading this right? My crappy scorecard is at a 683 EX mortgage score? Or am I confused?
Thanks!
@Anonymous Looks solid it me. Congratulations on your EX 2 score. That is the older scoring model and is very sensitive to utilization, new accounts, etc. Is there a MMS you are trying to achieve?
@Anonymous wrote:
Thank you!
Well, my local credit union requires a 650 MMS, so I suppose 650. It's hard to tell the future MMS requirements with the zombie apocalypse going on, though...
I'm picking up a 3rd CC tomorrow, to use AZEO. I'm assuming AZEO would counteract any score loss from the new account.
@Anonymous When do you plant to apply for mortgage?
If on a derogatory score card, you won't receive a new account penalty for FICO 8. I'm not sure how EX2, TU4, EQ5 will react. Perhaps the same. However, you may receive a score decrease for HP inquiry on that specific bureau,.reduced AAoA, which in comparison is a small penalty for the greater goal. As you stated, it will counteract.
Having at least 3 cards will aid you in doing AZEO for FICO 8. 5 cards is preferred for mortgage scores. 3 will work so don't go crazy with applying for new accounts.
EX2 + 3 Bureau scores and reports for $1 at Experian or CreditCheckTotal (part of EExperian. Cancel in 7 days or less to avoid the reoccurring charge.
TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TTU
EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.
You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.
@Anonymous wrote:Thank you so much for your input, @AllZero .
I plan on mortgage app in December, that's why I want to get the 3rd card done in July (6 months prior). Tinker Federal Credit Union has a secured CC version, so worst case scenario I'll end up with a card with 1 EX HP either way.
I'd prefer 12 months without a HP, but at least it'll be THEIR HP they see when app'ing with them for the mortgage.
You're welcome.
As you stated, 12 months without new accounts or inquiries is preferred. It'll give your profile a chance to age some and your scores to rise.
Pull your TU4 and EQ5 scores to see where you land on your MMS.
In the meantime, address any derogatories or delinquenies so you will be prepared to meet that score requirement when you do apply for mortgage.
