Just signed up for myFICO, how accurate?

[Anonymous]

Alright, I am the new guy on here. I just signed up for myFICO after using some of the less reliable tracking sites. We are trying to buy a house, so I am tracking things closely. I am curious how accurate the information on this site is because it is very different from everything else I have seen so far.

Thanks all!

[mongstradamus]

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@Anonymous wrote:

Alright, I am the new guy on here. I just signed up for myFICO after using some of the less reliable tracking sites. We are trying to buy a house, so I am tracking things closely. I am curious how accurate the information on this site is because it is very different from everything else I have seen so far.

Thanks all!

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from what i know about what mortgage companies pull , you probably want an 04 score , which isn't offered here. You can buy eq04 directly from equifax , or if you are an member of DCU. 

[myjourney]

Welcome to the forum 

You have reach the home of the only real fico scores other than getting them through one of your lenders such as Barclay, Discover, Walmart or FNBO just to list a few....

There are different algorithms (versions) out there for credit cards, mortgages, auto...etc etc  but all roads lead back to here (myFico)...Lol

Mortgage scores can't be purchased here there's other version of fico being offered here TU 08 EX 08 EQ 08 so there will be a slight difference in a score from here and a score your lender pulls but they are all real fico scores.

If you just want to monitor CR's sign up for sites such as

creditkarma (CK) monitors TU reports

creditsesame (CS) monitors EX reports 

quizzle whick monitors (EQ) reports 

But pay no attention to the scores from those sites they are purely educational ....fun....FAKO=fake scores

Edit the blue sites are all free to sign up for 

[Anonymous]

I cancelled all my FAKO monitoring sites. I am not interested in the wrong info, i am looking for correct info.

[myjourney]

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@Anonymous wrote:
I cancelled all myFAKO monitoring sites. I am not interested in the wrong info, i am looking for correct info.

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Those sites are good for things like knowing if you have any new account activity such as early detection of fraud, HP's CLI's, history etc etc ...... just bad for scores and AAoA determination's

I use them all for those reasons 

[pizzadude]

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@Anonymous wrote:
I cancelled all my FAKO monitoring sites. I am not interested in the wrong info, i am looking for correct info.

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Hi marni867 -- as myjourney stated the exact FICO score model used by mortgage lenders ( FICO 04 ) isn't sold here at MyFICO, but rather a newer version ( FICO08 ).

Also, I edited the title of your post as it was somewhat vague.

[Anonymous]

How similar are fico04 and fico08

[pizzadude]

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@Anonymous wrote:
How similar are fico04 and fico08

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For some people there can be large differences.   Others have similar scores.   There's no rule of thumb, it will vary based on what's on your report.

[bdhu2001]

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@Anonymous wrote:
How similar arefico04 andfico08

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As in everything, YMMV.  I would suggest that pay attention to your score here and use the FICO simulator to see what works for improving your score.  In addition,  join DCU to track the FICO score used for mortgage.

Have you already pulled all of your free credit reports from the CBA?  Getting and reducing negative information and your credit reports and paying down credit balances will probably give you your biggest bang for buck. 

What time frame are you looking at, before purchasing a new home?

[jeffeverde]

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@Anonymous wrote:
How similar are fico04 and fico08

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From recent personal experience, the difference can be HUGE.  In December 2013 I got a mortgage, and my FICO 04 scores at that time were 645-665.  In July of this year, I bought my FICO 08 scores, and they were 570-590! ! !  One of my reports took a 91 point drop.  Between December and July, the only change in my credit report was the addition of the new mortgage (which should have added a few points) -- so this was specifically a difference in the reporting models.

For me, the big damage from FICO 08 has been the exclusion of Authorized User accounts (FICO 04 includes AU accounts).  If you're married and you are an AU on your spouses accounts rather than a co-borrower, expect your FICO 04 (mortgage) scores to look much better than your FICO 08 (credit card) scores.

When you're mortgage shopping, you specifcally want to know your FICO 04 score.  Depending on the CRA, you'll see it listed as FICO Classic 04 (TransUnion), Beacon 5.0 (Equifax), or FICO-II (Experian).

FICO 08 is a good starting point to asses the general quality of your credit report and to define any remediation needed.  But if a mortgage is a ways off in the future, you might consider talking to a mortgage broker now, and having them assess your reports.  Because brokers are focused on finding you a loan (vs the lender's undewriter who's looking for reasons to reject the loan), they tend to be pretty savvy in how to work the system to maximize your score.