Re: Different FICO scoring models

pattybear · ‎09-27-2016

I've recently paid off a few credit cards, and my Equifax Fico Score 8 has risen to 692, but the Equifax Fico Score 5 (which most mortgage lenders use according to them), has stayed at 613! Why is that? And how can I raise it? The only bad thing on there is a late payment in 6/14 that Santander reported on the day my loan was paid off due to still owing late fees. Transunion is Fico 8 - 670 and Fico 4 - 636. Experian is Fico 8 - 662 and Fico 2 - 621.

It's so frustrating because we're trying to get a mortgage, and I thought by paying everything off and leaving a very small balance on one, that the scores would improve, which they did, but not much on the older scoring models that the lenders use! It's so ridiculous how this works!

Thanks!

SouthJamaica · ‎09-27-2016

@pattybear wrote:
I've recently paid off a few credit cards, and my Equifax Fico Score 8 has risen to 692, but the Equifax Fico Score 5 (which most mortgage lenders use according to them), has stayed at 613! Why is that? And how can I raise it? The only bad thing on there is a late payment in 6/14 that Santander reported on the day my loan was paid off due to still owing late fees. Transunion is Fico 8 - 670 and Fico 4 - 636. Experian is Fico 8 - 662 and Fico 2 - 621.

It's so frustrating because we're trying to get a mortgage, and I thought by paying everything off and leaving a very small balance on one, that the scores would improve, which they did, but not much on the older scoring models that the lenders use! It's so ridiculous how this works!

Thanks!

Have you pulled a new report? MyFICO doesn't update the models other than FICO 8 except when you pull a new report.