FICO Mortgage scores

[babbles]

I am a little disappointed that my scores are so low, 712, 722, 747 actually went down since last month.  I've been paying on my home since 2014 and never missed a payment.  What gives?

[Medic981]

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@babbles wrote:

I am a little disappointed that my scores are so low, 712, 722, 747 actually went down since last month.  I've been paying on my home since 2014 and never missed a payment.  What gives?

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@babbles

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It looks like you have only one installment loan which you have been paying on since 2014. We need more data points to be able to attempt to answer your question. FICO scores in the 700s are not bad, they are actually better than average. 

[Anonymous]

Mortgage scores are sensitive to number of accounts with balances.  If your mortgage scores are fluctuating or dropping a bit, I'd take a look at your number of accounts with non-zero balances and think you'll find that perhaps that number has increased.

[Anonymous]

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@babbles wrote:

I am a little disappointed that my scores are so low, 712, 722, 747 actually went down since last month.  I've been paying on my home since 2014 and never missed a payment.  What gives?

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The mortgage scores do not give any additional weight to mortgage payment history, as contrasted with making other kinds of payments on time: credit cards, auto loans, etc.  Being late on any payment is bad, but being late on a mortgage is not worse.

There are many other scoring factors besides making payments on time:

      * Total credit card utilization (all cards considered together)

      * Indvidual CC utilization (each card considered by itself)

      * Number of open accounts with a positive balance (ideal is one card and one loan)

You should look at those three and see if any of those three factors could have gone up.  If you are not currently implementing AZEO, that would likely help you.

Finally let us know if you have had any recent inquiries, any new accounts, or any lates on accounts other than your mortgage.

[DollyLama]

+1 to all of the above

Mortgage scores are not factored on having a mortgage alone. I have not had a mortgage for 18 years, and has long aged off my reports. It does factor in all accounts, any installment, open and closed that are still reporting, same on credit cards, utilization, and numerous other factors. 

But in my siggy, with no current open mortgage or my last mortgage aged off 8 years ago, I do have a mortgage score.