IF all reports are identical

Anonymous · ‎02-15-2018

what is the usual score difference between reports?

Do we know what each model for the differnt bureaus emphasize?

Mortgage app in 6-9 months --- yes, I am anal; and no, I don't wait until the last minute.

As of May will have NO BADDIES on any report (EQ is unreasonable), 100% payment, under 9% util(can go lower)

7 Majors and 5 storecards

Other than gardening - suggestions?

Anonymous · ‎02-15-2018

Even the FICO 8 model can vary in terms of how it is implemented from bureau to bureau, and thus it is possible to have completely identical data and yet have a difference of 20 points.

It sounds like you are focused specifically on preparing for a home purchase, and thus are asking about the mortgage scores.

TU and EQ use the same model (FICO 04) and thus should be a bit closer in your identical data scenario. Even still, however, for people with high scores, the two bureaus can give strikingly different values. That's because the two bureaus have different ceilings. A perfect TU mortgage score is 839, whereas a perfect EQ mortgage score is 818. Even for scores in the mid 700s, however, the two scores could be quite a bit different.

EX uses an even older model (FICO 98) and thus I'd guess that there would be a greater chance for a significant difference between EX and TU/EQ then between TU and EQ.

The best way for you to optimize your mortgage scores (in the 40 days before pulling them) would be to have one card showing a small positive balance and all other cards reporting $0. When doing this All Zero Except One approach, you want the one card to be:

(a) A true credit card (not a charge card)

(b) A card in your own name (not an AU card)

(c) A card with a balance of $5 or more

(d) A card with a credit limit of less than 29k.

Do you have any open loans or other installment accounts?

Anonymous · ‎02-15-2018

No open installment loans. Car was paid off in 2005, previous mortgage in 1996 (now a rental with excellent cash flow). TU FICO 8 is 751, EX FICO 8 Is 706 (2 baddies to drop Mar & April).

Store card balances will be gone in May (0% has its perks).

Have come a long way from 540s in Jan 2017

Anonymous · ‎02-15-2018

After the baddies are gone and the reports are fully optimized with respect to CC balances, I'd pull your true mortgage scores at myFICO. If the middle score is above 760, then you are set. Just continue to make no new applications for credit and to allow things to age.

If your middle score is < 760, then circle back with us, since there might be something else that can be done.

While you waiting for the baddies to fall out, I would use each card and allow it to report a positive balance, just so there was some recent activity on each one. Then move into an All Zero Except One posture. That's just what I would do personally.

Anonymous · ‎02-15-2018

I rotate cards on what I let report - currently 4 and now at 13 total util. Need to switch the cable bill to a different card - that reports just before they charge(grrr) . Now that I have the cards I want (except 2 and those can wait) it is time to garden.

Anonymous · ‎02-16-2018

CGID: I’m a little confused by what you said “…thus are [you] asking about the mortgage scores. TU and EQ use the same model (FICO 04) and thus should be a bit closer in your identical data scenario.” My myFICO says EQ uses FICO Score 5 while TU uses FICO Score 4 and EX FICO Score 2. My FICO 4 and 5 scores (with identical CR data) differ by 14 points with FICO 5 being the higher. Am I missing something?

Y

Anonymous · ‎02-16-2018

No, not missing anything. +/- 20 pays is reasonable with identical reports. I will be mortgage apping - but can push it back a month or two. If I'm up over 750s on FICO - figure with 20-40% down, I should be okay. I get mortgage scores closer to when I apply - then either 'maintain' or adjust the reporting to max out.
If I don't like what I'm offered - then I say no.

Anonymous · ‎02-16-2018

@Anonymouswrote:
Even the FICO 8 model can vary in terms of how it is implemented from bureau to bureau, and thus it is possible to have completely identical data and yet have a difference of 20 points.

It sounds like you are focused specifically on preparing for a home purchase, and thus are asking about the mortgage scores.

TU and EQ use the same model (FICO 04) and thus should be a bit closer in your identical data scenario. Even still, however, for people with high scores, the two bureaus can give strikingly different values. That's because the two bureaus have different ceilings. A perfect TU mortgage score is 839, whereas a perfect EQ mortgage score is 818. Even for scores in the mid 700s, however, the two scores could be quite a bit different.

EX uses an even older model (FICO 98) and thus I'd guess that there would be a greater chance for a significant difference between EX and TU/EQ then between TU and EQ.

The best way for you to optimize your mortgage scores (in the 40 days before pulling them) would be to have one card showing a small positive balance and all other cards reporting $0. When doing this All Zero Except One approach, you want the one card to be:

(a) A true credit card (not a charge card)
(b) A card in your own name (not an AU card)
(c) A card with a balance of $5 or more
(d) A card with a credit limit of less than 29k.

Do you have any open loans or other installment accounts?

I was just now going to post a similar question, as I just cannot seem to get my TU scores in-line with my EQ/EX scores (to the tune of a 20-point+ difference). Kudos and thanks for some great info here, CreditGuyinDixie!

Anonymous · ‎02-16-2018

If TU scores the lowest - I'll be a happy camper (no, I will be jumping up & down - lol) TU is 750+ on FICO 8 . If the mid is 10pts higher - I'll be in heaven.

Yes, I know mortgage pulls are based on other models - however, the trend should be similar (not identical).

Anonymous · ‎02-16-2018

@Anonymouswrote:
If TU scores the lowest - I'll be a happy camper (no, I will be jumping up & down - lol) TU is 750+ on FICO 8 . If the mid is 10pts higher - I'll be in heaven.

Yes, I know mortgage pulls are based on other models - however, the trend should be similar (not identical).

Yeah, that's just it...I cannot seem to correlate the TU vs. EQ/EX trend. I'll be pulling my FICO 3B in a couple of weeks and will look for an old tradeline that maybe hasn't fallen off somewhere.