FICO 8/9 vs Mortgage score changes

[Anonymous]

Just wondering at the time we see FICO 8/9 changes and alerts do the mortgage scores change as well. Not referring to a point for point change but just the timeliness. Or do mortgage scores have a lag time?

[SouthJamaica]

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@Anonymous wrote:
Just wondering at the time we see FICO 8/9 changes and alerts do the mortgage scores change as well. Not referring to a point for point change but just the timeliness. Or do mortgage scores have a lag time?

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The data is constantly in flux, so the scores are constantly in flux, but the score is not part of the report, it's just something that is learned when and if someone pulls the report and calculates a score. So if you pulled a full report you would see whatever your scores are as of that date, up to the minute.

[Anonymous]

SJ is correct but keep in mind that when you get an alert on myFICO, only FICO8 (on the dashboard) changes, the other versions of the score will not update until the next monthly/quarterly report update.

[Thomas_Thumb]

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@Anonymous wrote:
Just wondering at the time we see FICO 8/9 changes and alerts do the mortgage scores change as well. Not referring to a point for point change but just the timeliness. Or do mortgage scores have a lag time?

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Scores only change if updated data is input to a particular scoring model resulting in generation of a new score. A service may update Fico 8 or Fico 9 scores when specific events occur but not run that data thru the Fico mortgage model. In that case, the Fico mortgage score is unchanged. However, if the new data were run through the mortgage model, some change in score would be likely.

[Anonymous]

It's worth observing that the models differ in a few profound ways, such that one score could change by zero points while another changes by many points, even if one pulled all one's scores as once with fresh data.

E.g. a collection for $88 appears on a report that hitherto had no derogs.  The mortgage models might drop by over 100 points while FICO 8 is unchanged.

It's pretty clear, however, that our OP was really asking about how a particular credit monitoring tool works, namely myFICO Ultimate -- not the actual scoring models.

[Thomas_Thumb]

^ Quite true.

However, mortgage models don't have the exclusions present in other models. So, if Fico 8 or Fico 9 changes, the mortgage score likely would as well. A noteable exception to this is a single open loan being paid off causing a Fico 8 score drop but, not impacting one or more mortgage Fico scores.

As noted score changes don't trigger an event notification, event notifications trigger a data pull which then generates an updated score.

[Anonymous]

Thanks for all the responses. Some of you answered my question. I indeed was inquiring about the changes to the different models and not a scoring tool. I know the mortgage scores are not refreshed until another report is available or bought. I asked this because throughout the previous month my husband saw increases between 30-40 points on FICO 8 but only 5-14 on the mortgage score. one of the big alert notifications was on the same day he pulled the report so I wasn't sure if that report would contain everything.

[Anonymous]

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@Anonymous wrote:
Thanks for all the responses. Some of you answered my question. I indeed was inquiring about the changes to the different models and not a scoring tool. I know the mortgage scores are not refreshed until another report is available or bought. I asked this because throughout the previous month my husband saw increases between 30-40 points on FICO 8 but only 5-14 on the mortgage score. one of the big alert notifications was on the same day he pulled the report so I wasn't sure if that report would contain everything.

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Hi TLW.  Could you compare the section highlighted in blue with the section in green?

If you know that the mortgage scores don't get refreshed (on the myFICO Ultimate) until a new report is run, then it's not clear to me how you might have thought that the Ultimate could have been displaying increases to your husband's mortgage score throughout the month.  I imagine you know that the Ultimate product gets a new report once per month (or once every 90 days).

Anyway, your initial post made the other contributors assume you thought that the Ultimate might update mortgage scores throughout the month, as it does for FICO 8, so that is why we (SouthJ, etc.) responded as though you were unclear about the credit monitoring tool.

But if you are asking purely about the models, sometimes a change on the report can cause FICO 8 to go up many points but not a particular mortgage score.  Or another report change can cause FICO 8 to not change at all but the mortgage score could drop a huge amount.  Yet another change could cause FICO 9 to go up a huge amount but the mortgage score very little if at all (and FICO 8 not by much either).

There could even be something where it looks like nothing has changed but depending on the report it could help FICO 8 but not the mortgage score.  (I.e. the only that changes is that some Day 30 lates got older.)

In many ways though the models are similar, however.  So if a person lowered his CC utilization by a lot, for example, it would help all scores from all models.

[Anonymous]

Sorry if I was unclear..we hadn't been comparing mortgage vs FICO 8 all month. The green section you highlighted was my reference to his month vs prior month mortgage change. With the last big FICO 8 increase being the same day as he pulled the report I just wasn't sure if the mortgage scores included all the updates.

[Anonymous]

OK.  I added some additional comments to my last post that I hope will help out.