I am so new to this credit game.
My goal is to obtain a mortgage. I am going with FHA with a second mortgage with MSHDA. (Downpayment Assistance Program)
What scoring models do mortgage lenders use? And how can I see THOSE scores?! I've been reading about how myfico just changed their model for one of their reporting agencies. But which one should I be interested in?
Or does it vary by lender? HELP!!
Pretty much everything is underwritten off FICO '04 scores in the mortgage market: to the point there's no one we've ever heard of that doesn't.
Currently the gold-standard for mortgages is the FICO '04 score provided by Equifax (ScorePower): http://www.equifax.com/credit-score/
Other mortgage scores are available from DCU and PSECU, but a goal during home shopping is to minimize inquiries and every other sort of derogatory for that matter, and as such, buying the score from Equifax directly is the best solution.
Thank you for your responses.
I was under the impression that they pulled all 3 FICO's and settled for the middle one?
This is so confusing 
@jbishop1001 wrote:Thank you for your responses.
I was under the impression that they pulled all 3 FICO's and settled for the middle one?
This is so confusing
That is true, but the TU '04 score for example isn't available anywhere, wherease the EQ '04 one is pretty much guarunteed to be on every mortgage app: that will be your Equifax score on a tri-merge pull. The EX is only obtainable by being a member of PSECU, but if the reports are the same the scores should be similar.
Sorry to bug you. But I see scorewatch is a 1 time report for 30 days. Does it update your score daily though? Or just give it to you one time?
I think the fact that my credit card hasn't been opened 6 months might be what's not factored into my score currently. I might not see an increase until then, I'm afraid.
I lack patience.
@jbishop1001 wrote:Sorry to bug you. But I see scorewatch is a 1 time report for 30 days. Does it update your score daily though? Or just give it to you one time?
I think the fact that my credit card hasn't been opened 6 months might be what's not factored into my score currently. I might not see an increase until then, I'm afraid.
I lack patience.
Scorewatch for new subscribers is FICO '08; you get changes to your report when they happen and if they affect your score, it's reported positive or negatively with a new resulting score and the up/down differential. I think it's generally a good service if you want frequent updates and the resulting score, it's just not a good fit for mortgages though currently.
Patience is pretty much required for credit building unfortunately; I know it sucks but it's just the way the market is setup. Anything that is on your report will be factored, but if you don't have a tradeline open for at least six months of history, active within the last six months, you may not get a score. Doesn't sound like this is your situation though.
Well, I've had a tradeline on both experian and equifax.
Not on transunion until recently (april)
I can't get my score from creditkarma because of a Thin File. But does this absolutely mean I can't get scored at all?
@jbishop1001 wrote:Well, I've had a tradeline on both experian and equifax.
Not on transunion until recently (april)
I can't get my score from creditkarma because of a Thin File. But does this absolutely mean I can't get scored at all?
If you have less than six months on a tradeline that's been open/active within the last six months, you can't get a FICO score typically.
I have no idea on CK (nor do I care about the scores there honestly).
