Fico 2

[Anonymous]

Question, 

I am trying to help a buddy clean up his credit so he can buy a house. The mortgage company pulled a fico 2 score on him and it was 516. However his fico 8 is like 570. I told him he needed at least a 620. So here is my question.. When a fico 8 score jumps lets say 15-20 points do the other scoring models follow suit with the same score jump? 

[SouthJamaica]

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@Anonymous wrote:

Question, 

I am trying to help a buddy clean up his credit so he can buy a house. The mortgage company pulled a fico 2 score on him and it was 516. However his fico 8 is like 570. I told him he needed at least a 620. So here is my question.. When a fico 8 score jumps lets say 15-20 points do the other scoring models follow suit with the same score jump? 

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No they do not. Totally different algorithms.

Now here's the answer to the question you did not ask -- how your friend can improve his FICO 2 scores.

1.  Not apply for any new credit or anything that could trigger a hard pull.

2.  Send verification letters to the credit bureaus to try to get rid of negatives.

3.  Reduce reported revolving balances.  The more zero balances the better.

[Anonymous]

Thanks! I was going to ask that as a follow up!> 

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@SouthJamaica wrote:

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@Anonymous wrote:

Question, 

I am trying to help a buddy clean up his credit so he can buy a house. The mortgage company pulled a fico 2 score on him and it was 516. However his fico 8 is like 570. I told him he needed at least a 620. So here is my question.. When a fico 8 score jumps lets say 15-20 points do the other scoring models follow suit with the same score jump? 

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No they do not. Totally different algorithms.

Now here's the answer to the question you did not ask -- how your friend can improve his FICO 2 scores.

1.  Not apply for any new credit or anything that could trigger a hard pull.

2.  Send verification letters to the credit bureaus to try to get rid of negatives.

3.  Reduce reported revolving balances.  The more zero balances the better.

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