@Anonymous wrote:Good morning,
I am starting the process of getting a mortgage and when speaking with the mortage lender she was confused at the dramatic difference between my consumer score and the mortage score when I told her what the myfico was showing me.
Currently: Consumer (756,752,771) & Mortgage (683,710,675)
I have been working on my credit for over a year and the consumer score has increased well but the mortage scores are VERY slow growth.
I have never had car payment, i have one installment loan that has been paid on time for over a year on a 2 year term, one collection from 2017 that has been paid off, 1 hard inquiry from 8/2020, 3 CC accounts with one having a zero balance and others below 15% utlization, and student loans that still have high balances but are being paid on time even through the defferment period we are still in. My oldest account is 8 yr, 9mo.
I thought is was normal for the score to be off by that much until i spoke with her yesterday and she seemed very confused. I'm not planning on getting a mortgage for a couple more months. What can I do to get the mortgage scores to increase faster like my consumer scores did?
Thank you!!!
There is no reason for the loan officer to be confused about it. They are totally different scoring models, and do not run in tandem. My mortgage scores used to run around 70 points below my FICO 8's. Now they're fairly close, with my mortgage scores sometimes higher.
The best thing you can do to get some increase in the near future is get one of the other credit card accounts down to zero, with only one of the cards reporting a small balance.
Also be sure not to apply for any other credit, or anything that would generate a hard pull.
@Anonymous, my FICO 8 scores are rather different than my mortgage scores as well, but in reverse of yours. Maybe utilization explains some of the difference as I'm currently near zero (or at zero) on all of my cards. My inverted (compared to yours) scores look like this:
- 696/667/697 -- EX/EQ/TU -- Consumer FICO 8
- 720/724/739 -- EX/EQ/TU -- Mortgage
I guess I cannot complain all that much as I figure I have all of the credit I'll need for years to come (all whopping $14,300 of it), but in the next year or two my wife and I are planning on buying a house. The good news relative to my Mortgage scores is my Chapter 13 will drop off my record next January, so they should improve at least a little.
