Why is my Transunion score ALWAYS lower? (not a FAKO)

[ddemari]

Until my last late paid charge off from 2008 feel my EQ report, FICO 08 EQ never got above 660. But EQ FICO 05 would fluctuate from 690s to 720s over the course of year. I've always liked my FICO mortgage the scores the best and the cc's I obtained with the lenders who use those scores haha.

[CreditDunce]

I have never actually used any of MF products, so I am not speaking from experience...  only from what I have read here.

When you buy your report, you get all of your scores.  However, the monthly monitoring only includes your FICO 08 scores.   Your mortgage lender will not use your FICO 08 scores.   It is good that your mortgage scores are higher than your FICO 08 scores.  Note, that things that improve your FICO 08 score may not help your mortgage scores and the reverse.

Mortgages take your middle of your three mortgage FICO scores.

[djdakota]

This is really helpful - so when working on your mortgage scores for a loan - what are the best numbers to use that mortgage lenders will look at especially for an FHA loan?

[Thomas_Thumb]

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@djdakota wrote:

This is really helpful - so when working on your mortgage scores for a loan - what are the best numbers to use that mortgage lenders will look at especially for an FHA loan?

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The three mortgage scores are:

1. EQ Fico score 5 (Fico 04 scoring model)

2. TU Fico score 4 (Fico 04 scoring model)

3. EX Fico score 2 (Fico 98 scoring model)

They are available through purchase of the MyFICO 3B report. Your EQ Fico score 5 (Beacon 5 score) is also available for purchase (with a credit report) directly from Equifax. It is referred to as your Score Power report + score.

[CreditDunce]

Here is a sticky with info on the different FICO models:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

The short of it is mortgages use EX-98, EQ-04 and TU-04 scores.  The loan will be based off your middle score of the three.  Anything above 760 has the best rates for FHA (at least when I looked at it back in 2009).  IIRC every 20 points below was a slightly higher rate.  Until your score was too low to be approved.

DCU provides a free monthly EQ-04 score for members with checking accounts.  PSECU provides a EX-98 score if by chance your live in Penn.  Apart from that, I don't know of any way to get your mortgage scores unless you either pay MF for a complete score report or apply for a mortgage.  Here is an old thread with some ways to obtain free FICO scores.   The chart isn't completely accurate, but it helps me keep track of the different FICO models:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Where-to-obtain-FREE-monthly-FICO-scores/...

[jawbrkr]

Actually when you sign up for score monitoring, you do get several other fico scores. its just that that fico 8 scores update more regularly. The other fico score versions update once every quarter if i am not mistaken.