New Experian Score Available

[Anonymous]

Just passing along my find. Gave in and paid for the new Experian report here to get the FICO score listed that they describe most mortgage companies as using. Experian on myFICO 8 is 651, the now available "mortgage" score shows 677.  Does anyone know if these new scores available are actual scores lenders see? Thanks for any info.

[gdale6]

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@Anonymous wrote:

Just passing along my find. Gave in and paid for the new Experian report here to get the FICO score listed that they describe most mortgage companies as using. Experian on myFICO 8 is 651, the now available "mortgage" score shows 677.  Does anyone know if these new scores available are actual scores lenders see? Thanks for any info.

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Mortgage lenders still use Fico 04, auto can either be 08 or 04, any Fico score is one that lenders have used/still use in making credit decisions and if that model is requested the creditor will see the score for it, it could of course be different when they pull as a score is a snapshot of a moment in time they are generated when requested and on what is in your report at that moment.

[Anonymous]

I read on a forum that the score that is available now, with the purchase of a new report of course, is the score mortgage lenders use. Like using Equifax power score for your Equifax score that lenders use. Just looking for some clarification on if this is accurate or not.  

[newstart2010]

It is.  It is the old fico score, as well as the current fico scoring, and other score models.  It all depends on what your lender wants.  Our rule of thumb, go with whichever one is lowest now.  Then we could be pleasantly surprised.

[Revelate]

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@Anonymous wrote:

Just passing along my find. Gave in and paid for the new Experian report here to get the FICO score listed that they describe most mortgage companies as using. Experian on myFICO 8 is 651, the now available "mortgage" score shows 677.  Does anyone know if these new scores available are actual scores lenders see? Thanks for any info.

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The mortgage scores quoted by myFICO for EX/EQ (no TU yet) are in use in excess of 99.9% of all mortgage applications - it's darn close to 100% these days.

[Anonymous]

Thanks for all the response on this. Happily surprised that mine was off by that much in the right direction.

[talktohoov]

I was told that mortgage lenders use Fico04 scores but the new scoring that is available shows Fico02??? Are these to reports or scores similar?  I'm trying to guage where I stand as I am in the process of buying a home.

[Revelate]

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@talktohoov wrote:

I was told that mortgage lenders use Fico04 scores but the new scoring that is available shows Fico02??? Are these to reports or scores similar?  I'm trying to guage where I stand as I am in the process of buying a home.

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EQ 04

TU 04

EX 98 (aka FICO Risk Model v2)

The one provided by myFICO on the 3B or 1B Experian pull and listed as "most commonly used by mortgage lenders" is indeed accurate.

The issue got confused somewhere over the years (and FWIW that's partially my fault too as I used to respond FICO '04 for mortgage too until maybe a year ago), but we're getting the right one now.

[bdhu2001]

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@Revelate wrote:

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@talktohoov wrote:

I was told that mortgage lenders use Fico04 scores but the new scoring that is available shows Fico02??? Are these to reports or scores similar?  I'm trying to guage where I stand as I am in the process of buying a home.

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EQ 04

TU 04

EX 98 (aka FICO Risk Model v2)

The one provided by myFICO on the 3B or 1B Experian pull and listed as "most commonly used by mortgage lenders" is indeed accurate.

The issue got confused somewhere over the years (and FWIW that's partially my fault too as I used to respond FICO '04 for mortgage too until maybe a year ago), but we're getting the right one now.

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Actually EQ is Beacon 5.  Everyone says FICO 04 for simplicities sake, but only TU is 04.

[talktohoov]

So is Beacon and what is shown in the new Myfico scores the same or similar??