Now I am in no way complaining when I say this, but I am just confused.
I just now started the process of purchasing a home. I have been obsessively tracking my credit ever since my BK discharge in 2018. (I'm starting the process now but won't close until after October due to 2 year waiting period) I have the Experian membership where they refresh your credit every day... yesterday morning (so 7/14) I checked Experian and it said as of 7/14, my EX 2 score was 680. Later that day I spoke with a loan officer about mortgage pre-approval, and he ran my credit. He said my middle score was 680 (didn't ask him what the other two were)
Today I checked Experian again, thinking it would go down a few points since I got the new inquiry. Well it says as of 7/15 my EX 2 is 700! 
I feel like this is a mistake somehow? It's never been this high before.
I pulled up the report from yesterday and compared it from the one today. I actually did find a difference but I'm not understanding how that could effect it so much. Apparently Ally was not updating my auto loan payments.. yesterday's report says my auto loan last payment was in December 2019 with 10% total paid off. Today's report says last payment May 2020 with 13% paid off. But could that little difference really increase my score so much?
I am curious to see what my other mortgage scores are. That would have been nice if my middle score was 700 when he checked my credit yesterday, haha. I will get a free update from DCU at the end of the month, and will probably check my TU sometime around the end of the month as well.
@Anonymous wrote:Now I am in no way complaining when I say this, but I am just confused.
I just now started the process of purchasing a home. I have been obsessively tracking my credit ever since my BK discharge in 2018. (I'm starting the process now but won't close until after October due to 2 year waiting period) I have the Experian membership where they refresh your credit every day... yesterday morning (so 7/14) I checked Experian and it said as of 7/14, my EX 2 score was 680. Later that day I spoke with a loan officer about mortgage pre-approval, and he ran my credit. He said my middle score was 680 (didn't ask him what the other two were)
Today I checked Experian again, thinking it would go down a few points since I got the new inquiry. Well it says as of 7/15 my EX 2 is 700!
I pulled up the report from yesterday and compared it from the one today. I actually did find a difference but I'm not understanding how that could effect it so much. Apparently Ally was not updating my auto loan payments.. yesterday's report says my auto loan last payment was in December 2019 with 10% total paid off. Today's report says last payment May 2020 with 13% paid off. But could that little difference really increase my score so much?
I am curious to see what my other mortgage scores are. That would have been nice if my middle score was 700 when he checked my credit yesterday, haha. I will get a free update from DCU at the end of the month, and will probably check my TU sometime around the end of the month as well.
1. If you saw it on experian.com, it's accurate. So congratulations on that.
2. The scoring of inquiries from mortgage applications is delayed, so that wouldn't impact for a month or more. But it wouldn't usually be a big number.
3. Going from 90% installment utilization to 87% might produce a couple of points in FICO 2 but would not produce 20 points.
The mystery continues.
@SouthJamaica wrote:
@Anonymous wrote:Now I am in no way complaining when I say this, but I am just confused.
I just now started the process of purchasing a home. I have been obsessively tracking my credit ever since my BK discharge in 2018. (I'm starting the process now but won't close until after October due to 2 year waiting period) I have the Experian membership where they refresh your credit every day... yesterday morning (so 7/14) I checked Experian and it said as of 7/14, my EX 2 score was 680. Later that day I spoke with a loan officer about mortgage pre-approval, and he ran my credit. He said my middle score was 680 (didn't ask him what the other two were)
Today I checked Experian again, thinking it would go down a few points since I got the new inquiry. Well it says as of 7/15 my EX 2 is 700!
I pulled up the report from yesterday and compared it from the one today. I actually did find a difference but I'm not understanding how that could effect it so much. Apparently Ally was not updating my auto loan payments.. yesterday's report says my auto loan last payment was in December 2019 with 10% total paid off. Today's report says last payment May 2020 with 13% paid off. But could that little difference really increase my score so much?
I am curious to see what my other mortgage scores are. That would have been nice if my middle score was 700 when he checked my credit yesterday, haha. I will get a free update from DCU at the end of the month, and will probably check my TU sometime around the end of the month as well.
1. If you saw it on experian.com, it's accurate. So congratulations on that.
2. The scoring of inquiries from mortgage applications is delayed, so that wouldn't impact for a month or more. But it wouldn't usually be a big number.
3. Going from 90% installment utilization to 87% might produce a couple of points in FICO 2 but would not produce 20 points.
The mystery continues.
I wonder about this
Very recently I was talking with a friend that is rebuilding for a mortgage, their credit profile was terrible, 6 year old BK, post BK COs, CAs, and late payments
They are working with a lender who first had them pay the CAs, when that didn't get a good enough score boost had them pay off the CO. Still wasn't enough (their starting MMS was ~520) so the lender told them to bring their deferred SL to below 28k, she claims that paying the SL down boosted the mortgage scores by 20 points; which REALLY surprised me as I had not heard of this happening. At the time she didn't remember what the original balance was on the SL so I can't say what the % paid off was.
@dragontears wrote:
@SouthJamaica wrote:
@Anonymous wrote:Now I am in no way complaining when I say this, but I am just confused.
I just now started the process of purchasing a home. I have been obsessively tracking my credit ever since my BK discharge in 2018. (I'm starting the process now but won't close until after October due to 2 year waiting period) I have the Experian membership where they refresh your credit every day... yesterday morning (so 7/14) I checked Experian and it said as of 7/14, my EX 2 score was 680. Later that day I spoke with a loan officer about mortgage pre-approval, and he ran my credit. He said my middle score was 680 (didn't ask him what the other two were)
Today I checked Experian again, thinking it would go down a few points since I got the new inquiry. Well it says as of 7/15 my EX 2 is 700!
I pulled up the report from yesterday and compared it from the one today. I actually did find a difference but I'm not understanding how that could effect it so much. Apparently Ally was not updating my auto loan payments.. yesterday's report says my auto loan last payment was in December 2019 with 10% total paid off. Today's report says last payment May 2020 with 13% paid off. But could that little difference really increase my score so much?
I am curious to see what my other mortgage scores are. That would have been nice if my middle score was 700 when he checked my credit yesterday, haha. I will get a free update from DCU at the end of the month, and will probably check my TU sometime around the end of the month as well.
1. If you saw it on experian.com, it's accurate. So congratulations on that.
2. The scoring of inquiries from mortgage applications is delayed, so that wouldn't impact for a month or more. But it wouldn't usually be a big number.
3. Going from 90% installment utilization to 87% might produce a couple of points in FICO 2 but would not produce 20 points.
The mystery continues.
I wonder about this
Very recently I was talking with a friend that is rebuilding for a mortgage, their credit profile was terrible, 6 year old BK, post BK COs, CAs, and late payments
They are working with a lender who first had them pay the CAs, when that didn't get a good enough score boost had them pay off the CO. Still wasn't enough (their starting MMS was ~520) so the lender told them to bring their deferred SL to below 28k, she claims that paying the SL down boosted the mortgage scores by 20 points; which REALLY surprised me as I had not heard of this happening. At the time she didn't remember what the original balance was on the SL so I can't say what the % paid off was.
1. I assume by SL you mean student loan.
2. I'm pretty sure there's a lot missing from that story. Usually the mortgage scores barely budge, if at all, even on major changes in installment utilization.
@dragontears wrote:Based on all previous data I have seen I would agree with you; however, this is the second report in less than a month I have seen that mortgage scores are reacting to changes in loan utilization when the loan utilization is high
@SouthJamaica when you were doing testing on the effects of loan utilization on mortgage scores did you test it at high utilization or just low loan utilization?
I started at around 90%, and tested 4 or 5 stages on the way down to 14%. Never saw any reaction of more than a couple of points in FICO 8, and almost no action at all on mortgage scores.
Then when I went down to 9% I saw something like 25 points in FICO 8's and 9's, and saw maybe 5 points on TU FICO 4, and nothing at all in EX FICO 2 and EQ FICO 5. On the other hand @Revelate saw slight points in EX FICO 2 and nothing at all in EQ FICO 5 or TU FICO 4.
@SouthJamaica wrote:
@dragontears wrote:Based on all previous data I have seen I would agree with you; however, this is the second report in less than a month I have seen that mortgage scores are reacting to changes in loan utilization when the loan utilization is high
@SouthJamaica when you were doing testing on the effects of loan utilization on mortgage scores did you test it at high utilization or just low loan utilization?
I started at around 90%, and tested 4 or 5 stages on the way down to 14%. Never saw any reaction of more than a couple of points in FICO 8, and almost no action at all on mortgage scores.
Then when I went down to 9% I saw something like 25 points in FICO 8's and 9's, and saw maybe 5 points on TU FICO 4, and nothing at all in EX FICO 2 and EQ FICO 5. On the other hand @Revelate saw slight points in EX FICO 2 and nothing at all in EQ FICO 5 or TU FICO 4.
Yeah honestly my own dirty scorecard (700ish at the time) was like 6 points for what I'm 99% confident was a first tier.
It'd probably be around 10 points on my current clean scorecard, if I ever get back down to that installment utilization again which will probably not be for a decade at this rate. The money shot at at 9% as SJ correctly suggests.
Dirty scorecard didn't get any movement in EQ 5/TU 4, but in the clean(ish) scorecards the reason codes show up for those two so it does appear to be somewhat scorecard dependent.
