Looking for comparison "graph" to compare mortgage scores to FICO 8 category weightings

[SouthJamaica]

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@Horseshoez wrote:

@Anonymous, every time I read an analysis of the differences between the classic 5/4/2 mortagage scores and FICO 8 I think, "I must be some sort of an outlier."  Why?  Because most of the points you raise about why FICO 8s vs. Classic scores suggest I should have higher FICO 8s instead of Classics, and the reverse is true.

A few datapoints:

• My sole deragagory mark is the Chapter 13 I filed in 2015 which was discharged in March of 2020 (so clearly I'm on a "dirty" score card).
• I have no lates anywhere on any of my reports.
• Of my three credit cards, typically one or two report a trivial balance under $50 which in turn means my utilization is under 1% both overall and per card.
• Regarding new accounts, I have 5 in the last 18 months, 3 of which were in the last 12 months, one SSL and four Credit Cards (one which I closed less than 7 weeks after I opened it).
• My 5/4/2 scores are: 720/739/728 (EQ/TU/EX)
• My FICO 8 scores are: 692/705/659 (EQ/TU/EX)

Like I wrote above, I must be some sort of an outlier as everyting I've read suggests my FICO 8 scores should be higher than my Classic 5/4/2 scores, and clearly such isn't the case.

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Your experience is radically different than mine.

Just spitballing:

1. mine was a 'clean' scorecard, perhaps that makes a difference

2. perhaps you have a longer average age of accounts than I did, mine has always been short, is now over 5 years on 2 of the bureaus

[Anonymous]

Appreciate all the responses an experiences here. I'm not one to obsess over my scores without a specific reason, or day to day like. But we did just refi our old mortage, with cash out refi to pay off some things, taking advantage of the recent increase in home values to do so. rate stayed the same, but was able to pay off about $30k in debt, and still have a good chunk of cash to also complete some improvements that would also increase our home value. 

Our goal is as such: there is a new home development in the works in the same general area where we are now. Floor plans, pricing, etc is supposed to be released in September, with presales commencing soon after, and first move in expected to be early 2022. 

So I've seen some bump in all my scores (FICO 8) this month, and I'd expect to get SOME bump in the mortgage scores as well. 

One credit card paid off (minues current months interest charges-didn't get the expected interest correct-so very small balance left). About $100 balance on $13,300 credit limit. 

Car note paid off. has not reported yet.

Second card paid off. Again small interest charge balance left. Around $100 out of credit limit of $15k.

Equifax net increase of 23 pts to current 716.

Transunion net increase of 25 pts to current 688

Experian net increase of 10 pts to current 691, however, the second card paid off has to reported/posted for EX yet, so I'd assume another bump, first one was the 10 points. 

So for my FICO 8 scores. So I've gone from 693 to 716 on EQ, 663 to 688 on TU, and 681 to 691 on EX with one card to report for EX, and the car note payoff to report on all bureaus. The mortgage scores will update per usual at the end of this month.

I want to be able to squeeze every single point that I can out of my mortgage scores. This cash out refi is saving me about a net $650-$700/month. We do expect the pricing of the new homes to be fairly significantly higher than where we are now (though hopefully not completely ridiculous but who knows these days), so being able to get as low a rate as possible, will go far to keep my mortgage payment pretty close to what it is now. 

Once this is all said and done, I really don't expect to have to worry about scores of any sort for some time-save for having to, or wanting to, finance some thing here or there for convenience, liquidity, etc in the future. We are in the neighborhood we want to be, and with new home, no reason really to go anywhere else for a long time. Would really be a truly long term home, which seems to be fairly uncommon these days. 

Otherwise, the other option is just staying here and waiting for the next potential development in the years to come, and possibly/probably refinancing again at some point, now at a lower rate b/c the scores I'd assume will go up to a certain degree over time anyway.