Difference between Fico 8 and Mortgage and what can I do?

[Anonymous]

---

@Anonymous wrote:

---

@slowlyclimbing wrote:

My Fico 8 scoring Vs my mortgage score is significantly different.  Does anyone have any ideas or suggestions on how to "bridge the gap" so to speak?

Welcome to the forum, @slowlyclimbing !

The mortgage scores can be more sensitive to inquiries, new accounts, number of accounts with a balance, and total balance owed (the reported statement balances). They vary in sensitivity to these - EX 2 is particularly hard on any 'credit seeking' behavior.

The best you can do is have 1 card report a small balance - something around $20 should be fine. Never let all cards report $0 at once - that will be a huge hit to your scores.

You'll also gain some points the further you get from any credit seeking behavior (new accounts, inquiries) - this can come at 3 month intervals, counting from the 1st of the month in which you were approved for a new account.

---

Well said. 

[Anonymous]

One note: The mortgage scores and the new scores treat authorized user accounts differently.

Mortgage Scores see them as any other account, so when you want to maximize the mortgage scores, you want every account reporting zero except for one.

If you’re trying to optimize version 8 or 9, then you also need to keep a balance on one authorized user account to prevent a potential score loss there. This does not apply to the mortgage scores and all authorized user accounts should be zeroed when optimizing the mortgage Scores.

[SouthJamaica]

---

@slowlyclimbing wrote:

Thank you for all this info!  It is so appreciated.  Maybe you could point me into another direction.  Maybe a link to help me research.

I have been cleaning up my report but I only have the following "revolving" acounts:

Credit one $400CL--i know i know....but i had to start somewhere lol. i only let 7% report --no lates

Capital one #1 2500CL--AU--no lates

Capital One #2 400CL--AU--no lates

Bank of America 1500CL--AU--no lates

Do I need to have additional revolving cards that are just "mine" or is keeping the above cards ok?  I don't want to necessarily get any other cards while i'm waiting for my mortgage to go through but I wanted to see if it would "help" my mortgage scores.

---

You are right not to apply for anything until after the mortgage goes through.

Once the mortgage closes, then it might be good to slowly replace AU cards with your own cards, and eventually replace the Credit One card with something better. But don't even start that process until after you have the mortgage funds in hand.