FICO 04 Score for Mortgage Updates?

[Anonymous]

I am currently in the process of securing a preapproval for my first mortgage. The lender I am using (TrustCo Bank) requires a minimum score of 700 between the Experian Fico Risk Model v2  and Transunion FICO Risk Score Classic 04. I recently paid off some credit card debt to bring my overall utilization to <30%. The updated utilization has been updated on both my EX and TU credit reports. My EX FICO 2 went from 709 to 722. So I purchased another FICO TU 1B report on myfico.com and my FICO 4 score remained unchanged at 698... However, my TU Fico 8 went from a 727 to 734. 

Is it possible that the TU FICO Score 4 just has not updated with the newly purchased report? Why would everything else increase except for TU Score 4? Also, do we know for sure that the TU FICO Score 4 provided on myfico.com is based on TU Classic 04? Or is it possible it is the FICO 4 Score based on TU98? Thanks in advance for any advice/tips!

[Thomas_Thumb]

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@Anonymous wrote:

I am currently in the process of securing a preapproval for my first mortgage. The lender I am using (TrustCo Bank) requires a minimum score of 700 between the Experian Fico Risk Model v2  and Transunion FICO Risk Score Classic 04. I recently paid off some credit card debt to bring my overall utilization to <30%. The updated utilization has been updated on both my EX and TU credit reports. My EX FICO 2 went from 709 to 722. So I purchased another FICO TU 1B report on myfico.com and my FICO 4 score remained unchanged at 698... However, my TU Fico 8 went from a 727 to 734. 

Is it possible that the TU FICO Score 4 just has not updated with the newly purchased report? Why would everything else increase except for TU Score 4? Also, do we know for sure that the TU FICO Score 4 provided on myfico.com is based on TU Classic 04? Or is it possible it is the FICO 4 Score based on TU98? Thanks in advance for any advice/tips!

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Yes, this is fact.

I could not say why your TU score did not increase. Is it possible TU has one or more differences on account details compared to EQ and EX. A couple things to keep in mind for the older Classic Fico versions used for mortgages:

1) They are more sensitive than Fico 8 to # of cards with balances. So, if you have multiple cards with balances and some are low, pay those down to zero.

2) The older Fico models always consider AU accounts but, Fico 8 may not. So, if you are an AU on any cards, try to have those accounts report a zero statement balance.

Please note that "below 30%" is not definitive. Your utilization must actually be below 29% to reach the next best threshold. Some posters have mentioned seeing different credit limits or original loan amounts for the same account amont the CRAs. So, check account details on your credit reports. 

Credit Karma is a good free source for account details on TU and EQ.