FICO Score Version Used for HELOC?

[jamie123]

My wife and I applied for a HELOC with Alliant Credit Union this weekend. They sent us disclosures from TU that contained our scores. My score was 810 and my wife's score was 809. (Yes, you bet I let her know that my score was higher!) Nowhere in the disclosure does it say which scoring model this is but seeing as to how high the scores are I can only imagine them being FICO 8 scores. What do you guys think? Do they use FICO 8 scores for HELOCs?

My mortgage scores are always much less than my FICO 8 scores by about 80 points so I was surprised to see such a high score.

We didn't get approval but were told that it was under review which didn't surprise me. Our DTI just using our income is on the high side but I claimed substantial income from my stock market investments. I'm sure they will be calling me for proof of those investments.

I want to use the HELOC for a new roof and a solar panel installation. I had solar panels quoted and they informed that I would probably need a new roof in 6 to 8 years so I decided to replace the shingles now. The solar panels should pay for themselves in about 7 to 8 years.

So...Does anybody know which FICO model is used for HELOCs?

[FireMedic1]

Alliant loves TU.

[simplynoir]

From researching this since a HELOC is considered a mortage those are the scores that are being used to determine your credit-worthiness. More literature can be found here

https://ficoforums.myfico.com/t5/Mortgage-Loans/Goal-HELOC/m-p/4395530#M184342

[Anonymous]

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@FireMedic1 wrote:

Alliant loves TU.

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+1

[donkort]

My mortgage scores are higher than my FICO 8s.

At one time, 40 points higher.

[Revelate]

Actually HELOC's don't have any artificial standards like what the GSE's impose for mortgages.

They can literally be underwritten on anything because they aren't sold on the secondary markets.  As a result it's on a lender by lender basis, DCU for example only uses EQ FICO 5, but it wouldn't surprise me if Alliant is using their mainline score which to be fair I don't know what it is.

Other lenders might use a trimerge report for it but utterly up to them if they want to pay for that or not, and most apparently don't unlike a true mortgage.

[Revelate]

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@simplynoir wrote:

From researching this since a HELOC is considered a mortage those are the scores that are being used to determine your credit-worthiness. More literature can be found here

https://ficoforums.myfico.com/t5/Mortgage-Loans/Goal-HELOC/m-p/4395530#M184342

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That's actually one of the few times I've seen S10 mistaken on anything haha, she's one of my favorite all time people on this board in terms of useful knowledge.