What is the REAL score?!

[California-Mom-04]

I was discharged from my ch.7 this past April. I have the FICO app subscription and like it so far. My question is: what is my true score? Lol

On the TransUnion website my score is 678 and FICO app it ranges from 639-654 depending on version.

Equifax website it is 686 and FICO version range is 625-668.

Where do mortgage lenders get the score or what numbers will they see?

My goal is to purchase a home next April time frame.

[Jnbmom]

I believe you have wait one year after discharge for FHA loans and 2 years for conventional loans . Mortgage lenders normally use FICO 5 scores and use your middle score .

[FicoMike0]

The tu and eq websites give vantage scores, not fico. The free subscription on myfico is eq fico8, the free ex is ex fico8. There are fico versions 10, 9, 8 for all three bureaus. Each also has smaller number versions, which are the mortgage scores. Also there are auto and bank card alternates of both 8 and 9, for each of the three. Many versions. 

[SouthJamaica]

IMHO the only real scores are the FICO scores

The scores used by mortgage lenders are FICO EQ 5, TU 4, and EX 2

[Thomas_Thumb]

In 2025 mortgage lenders are scheduled to switch to Fico 10T and VantageScore 4.0. Benchmark scores for various lending decisions may also change. 2024 is the year of behind the scene data gathering for lenders so they can determine score guidelines for decisioning.

The old Fico 98 model used by EX score 2 and Fico 04 model used by EQ score 5 and TU score 4 for mortgage loans have been in play for 20 years.

[FicoMike0]

@Thomas_Thumb 

Will the mortgage lenders be allowed to use 10t and v4, or will they be required? Might make a difference how quick the switch is.

[Zoostation1]

I'm still livid that we have no source available to get our VS4.0 scores (free or paid) unless you have certain Synchrony cards that provide or are a member of certain credit unions that give out TU VS4.0.  I'm curious as to how VS4.0 reacts compared to VS3.0 and to FICO 10T.

[California-Mom-04]

Kind of unnerving how it is impossible to get these other scoring platforms... VS4 and Fico10T, and others.

[Thomas_Thumb]

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@FicoMike0 wrote:

@Thomas_Thumb 

Will the mortgage lenders be allowed to use 10t and v4, or will they be required? Might make a difference how quick the switch is.

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Not sure. My understanding is they will be required to look at the new model scores. I don't know the drop dead date in 2025. There will likely be a transition period where lenders can use the older Fico model scores as a supplement in decisioning.

[Zoostation1]

@California-Mom-04You can get all of the FICO 10 models (10, 10 auto 10 bankcard, 10T) from each of the big 3 CRAs here at myFICO.  It's not cheap but at least they're available for purchase to the public.  VantageScore 4.0 isn't available for the public to purchase anywhere.  Only the lenders that choose to offer it when you have certain products with them provide it.  IMO, it shouldn't be legal for lenders to use VS4.0 for mortgages until there's a way for the genral public to obtain their scores.