@Anonymous wrote:
@credituser123 wrote:I am looking to get a mortgage in the next year so I'm watching my scores and doing everything i can to make sure im above that 620 minimum. I have a credit monitoring service through USAA and experian and also credit karma. they showed all of my scores to be right about 550. today i went into a credit union to open a secured loan and they pulled an experian report that showed a credit score of 471.
Where can i get the most accurate tracking so that i know what i need to do in the next 12 months? Preferably some tracker that shows the same scores that a bank would use when applying for a mortgage
Most mortgage lenders use a version of Fico 04 model. If you purchase any single or all 3 reports here you will be given your Fico 08 score as well as your mortgage enhanced score. Equifax also sells their version of the 04 score. For here you would have to purchase updated reports throughout the year to track the scores.
As a clarification mortgage enhanced scores aren't used by the vast majority if not all lenders. Possible exception would be some portfolio lenders.
@OP: if you want the granular tracking of a mortgage score, your best bet is Equifax Scorewatch which uses EQ Beacon 5.0 which is the Equifax mortgage score used by the near entirety of the mortgage universe.
Your other options are the occasional purchase of a report here, becoming a DCU member (monthly Beacon 5.0) or if you're lucky enough to live in PA, joining PSECU for EX Risk Model v2 monthly.
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@credituser123 wrote:I am looking to get a mortgage in the next year so I'm watching my scores and doing everything i can to make sure im above that 620 minimum. I have a credit monitoring service through USAA and experian and also credit karma. they showed all of my scores to be right about 550. today i went into a credit union to open a secured loan and they pulled an experian report that showed a credit score of 471.
Where can i get the most accurate tracking so that i know what i need to do in the next 12 months? Preferably some tracker that shows the same scores that a bank would use when applying for a mortgage
Most mortgage lenders use a version of Fico 04 model. If you purchase any single or all 3 reports here you will be given your Fico 08 score as well as your mortgage enhanced score. Equifax also sells their version of the 04 score. For here you would have to purchase updated reports throughout the year to track the scores.
As a clarification mortgage enhanced scores aren't used by the vast majority if not all lenders. Possible exception would be some portfolio lenders.
@OP: if you want the granular tracking of a mortgage score, your best bet is Equifax Scorewatch which uses EQ Beacon 5.0 which is the Equifax mortgage score used by the near entirety of the mortgage universe.
Your other options are the occasional purchase of a report here, becoming a DCU member (monthly Beacon 5.0) or if you're lucky enough to live in PA, joining PSECU for EX Risk Model v2 monthly.
Did you mean 'are'?
Nope I meant exactly what I stated 
.
FICO uses some sloppy nomenclature in the 3B product, but Mortgage Enhanced scores are explicitly a FICO 8 industry option and they simply aren't used except for the aforementioned portfolio lenders that can do whatever the hell they feel like since they're sitting on the loans themselves.
The scores FICO lists as "most commonly used for mortgage" are actually baseline / classic scores: EQ 04, TU 04, EX 98 explicitly for something like 99.9999% of the mortgages originated in the United States.
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@credituser123 wrote:I am looking to get a mortgage in the next year so I'm watching my scores and doing everything i can to make sure im above that 620 minimum. I have a credit monitoring service through USAA and experian and also credit karma. they showed all of my scores to be right about 550. today i went into a credit union to open a secured loan and they pulled an experian report that showed a credit score of 471.
Where can i get the most accurate tracking so that i know what i need to do in the next 12 months? Preferably some tracker that shows the same scores that a bank would use when applying for a mortgage
Most mortgage lenders use a version of Fico 04 model. If you purchase any single or all 3 reports here you will be given your Fico 08 score as well as your mortgage enhanced score. Equifax also sells their version of the 04 score. For here you would have to purchase updated reports throughout the year to track the scores.
As a clarification mortgage enhanced scores aren't used by the vast majority if not all lenders. Possible exception would be some portfolio lenders.
@OP: if you want the granular tracking of a mortgage score, your best bet is Equifax Scorewatch which uses EQ Beacon 5.0 which is the Equifax mortgage score used by the near entirety of the mortgage universe.
Your other options are the occasional purchase of a report here, becoming a DCU member (monthly Beacon 5.0) or if you're lucky enough to live in PA, joining PSECU for EX Risk Model v2 monthly.
Did you mean 'are'?
Nope I meant exactly what I stated
FICO uses some sloppy nomenclature in the 3B product, but Mortgage Enhanced scores are explicitly a FICO 8 industry option and they simply aren't used except for the aforementioned portfolio lenders that can do whatever the hell they feel like since they're sitting on the loans themselves.
The scores FICO lists as "most commonly used for mortgage" are actually baseline / classic scores: EQ 04, TU 04, EX 98 explicitly for something like 99.9999% of the mortgages originated in the United States.
Ok, I'm confused. Are the scores provided in the new scores available here when purchasing new reports Fico 04 scores for EQ and TU and the ones used by mortgage lenders? If so, that's what I was saying are used by most mortgage lenders. Maybe I worded it incorrectly.
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@credituser123 wrote:I am looking to get a mortgage in the next year so I'm watching my scores and doing everything i can to make sure im above that 620 minimum. I have a credit monitoring service through USAA and experian and also credit karma. they showed all of my scores to be right about 550. today i went into a credit union to open a secured loan and they pulled an experian report that showed a credit score of 471.
Where can i get the most accurate tracking so that i know what i need to do in the next 12 months? Preferably some tracker that shows the same scores that a bank would use when applying for a mortgage
Most mortgage lenders use a version of Fico 04 model. If you purchase any single or all 3 reports here you will be given your Fico 08 score as well as your mortgage enhanced score. Equifax also sells their version of the 04 score. For here you would have to purchase updated reports throughout the year to track the scores.
As a clarification mortgage enhanced scores aren't used by the vast majority if not all lenders. Possible exception would be some portfolio lenders.
@OP: if you want the granular tracking of a mortgage score, your best bet is Equifax Scorewatch which uses EQ Beacon 5.0 which is the Equifax mortgage score used by the near entirety of the mortgage universe.
Your other options are the occasional purchase of a report here, becoming a DCU member (monthly Beacon 5.0) or if you're lucky enough to live in PA, joining PSECU for EX Risk Model v2 monthly.
Did you mean 'are'?
Nope I meant exactly what I stated
FICO uses some sloppy nomenclature in the 3B product, but Mortgage Enhanced scores are explicitly a FICO 8 industry option and they simply aren't used except for the aforementioned portfolio lenders that can do whatever the hell they feel like since they're sitting on the loans themselves.
The scores FICO lists as "most commonly used for mortgage" are actually baseline / classic scores: EQ 04, TU 04, EX 98 explicitly for something like 99.9999% of the mortgages originated in the United States.
Ok, I'm confused. Are the scores provided in the new scores available here when purchasing new reports Fico 04 scores for EQ and TU and the ones used by mortgage lenders? If so, that's what I was saying are used by most mortgage lenders. Maybe I worded it incorrectly.
Think it's straight now and you're right it was a terminology difference: yes the one's purchased here are the reference gold standard for the mortgage trifecta.
Strike the word "enhanced" from your vocabularly and discussing mortgages and you'll be good .
Enhanced = industry option in forum / elsewhere terminology and those scores never gained any traction on the mortgage side of the market.