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Fico 8 scores moving up but mortgage scores are lagging

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Anonymous
Not applicable

Fico 8 scores moving up but mortgage scores are lagging

Since December I've raised my scores from EQ 601 TU 595 EX 560 to EQ 647 TU 617 EX 625 as of today. I'm also still waiting on 35% utilization to come off next week. The problem is my mortgage scores didn't follow suit. Mortgage scores are EQ 645 TU 599 EX 559. Is there any hope these will jump up to close to the fico 8 scores
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Revelate
Moderator Emeritus

Re: Fico 8 scores moving up but mortgage scores are lagging


@Anonymous wrote:
Since December I've raised my scores from EQ 601 TU 595 EX 560 to EQ 647 TU 617 EX 625 as of today. I'm also still waiting on 35% utilization to come off next week. The problem is my mortgage scores didn't follow suit. Mortgage scores are EQ 645 TU 599 EX 559. Is there any hope these will jump up to close to the fico 8 scores

Depends what is in your file; if you have recent negatives in my experience (from my file) FICO 8 starts moving up whereas FICO 04 stays flat even in the 3-6 month range from the derogatory.

 

There are some other differences, for example if you have a solid installment ratio, you'll see movement on FICO 8, you won't on FICO 04 (though you will on EX 98 which is a mortgage score).  

 

The advice for either remains the same though, pay off CC balances except for one, get any negative marks airstruck if you can, make sure you have a couple of credit cards and an installment loan, and do what you can to dress up the installment loan balance if you can (I can't with my mortgage these days but could with a $500 secured loan).

 

Beyond that, time has to do it's magic, it's just a slow process compared to the rest of society these days.




        
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Anonymous
Not applicable

Re: Fico 8 scores moving up but mortgage scores are lagging

Im in the same boat my fico 8's are climbing. While I paid down my util from 51% to 30% this past month and my mortgage scores dropped from approx 569 to 540's what in the world. Going in reverse for keeping my util. down. I don't get that. I was hoping that they would be climbing rather than decreasing.

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