myfico accuracy

[zahzah608]

My fico mortgage scores are 762 EQ, 750 TR, 776 EXP
How accurate are these scores? I want to get pre-approved for a mortgage loan.

[MarineVietVet]

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@zahzah608 wrote:
My fico mortgage scores are 762 EQ, 750 TR, 776 EXP
How accurate are these scores? I want to get pre-approved for a mortgage loan.

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Hello and welcome to the forums.

I assume you mean you got those scores here.

These should be the same scores a mortgage lender will pull.

[cashnocredit]

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@zahzah608 wrote:
My fico mortgage scores are 762 EQ, 750 TR, 776 EXP
How accurate are these scores? I want to get pre-approved for a mortgage loan.

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They are accurate in that those scores (FICO 4 based) are what the large majority of mortgage financers use.

Your FICO scores are high enough for mortgage approvals and porbably at the best interest rates offered as well.

However, actual mortgage applications will factor in emplyment, debt to income, amount of downpayment and funds source such as parents or savings. They will want documentation via tax returns, recent bank statements and such. Not really all that hard but they do go beyond FICO scores. For pre-approval your scores are more than enough to get that with mnimal other info but it will be conditional.

[Anonymous]

Great info!  Mine are all good, too, but was not sure if same scores mortgage companies use.

[MidnightVoice]

Every score is "accurate" - based on the information it uses and the formula it uses.  Assuming there are no problems with your CR, it then becomes a question of "does anyone actually use that score?"

[ChrisinKC]

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@zahzah608 wrote:
My fico mortgage scores are 762 EQ, 750 TR, 776 EXP
How accurate are these scores? I want to get pre-approved for a mortgage loan.

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You will never know until your lender has pulled your FICO score, because each lender uses a different version of your mortgage FICO score, and lenders are not required to disclose which one they use, nor is FICO required to tell you what each of your mortgage version scores are.  Unfortunately, your credit scores will drop once your lender pulls your score because a hard inquiry will be added to your credit report which lowers your score.

So, if you were right on the line between the highest scoring tier and the 2nd highest scoring tier, and then they ran your credit to tell you that you were in the 2nd highest tier, you now have a larger gap between the 2 tiers because of the hard inquiry.

This is just another example of why credit scoring system is a scam and needs to be completely reformed.  You shouldn't need to lose points just to find out what your score is.  FICO should be required to provide ALL of your scores, and lenders should be required to disclose on the application which FICO scoring version that they'll use.

FICO sucks.

[iv]

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@ChrisinKC wrote:

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@zahzah608 wrote:
My fico mortgage scores are 762 EQ, 750 TR, 776 EXP
How accurate are these scores? I want to get pre-approved for a mortgage loan.

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You will never know until your lender has pulled your FICO score, because each lender uses a different version of your mortgage FICO score, and lenders are not required to disclose which one they use, nor is FICO required to tell you what each of your mortgage version scores are.  

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 No. Don't know where you got that from, but it's wrong.

 Effectively every mortgage loan currently uses a single, standard set of scores.

Those are:

• Equifax Beacon 5.0

• Experian/Fair Isaac Risk Model V2

• TransUnion FICO Risk Score, Classic 04

On the MyFICO 3-B Score Report, those appear as:

• Equifax FICO Score 5

• Experian FICO Score 2

• TransUnion FICO Score 4

These specific scores are required by Fannie Mae (Selling Guide section B3-5.1-01) and Freddie Mac (Selling Guide 37.5(a)), and are listed in the Additional Scores section of the MyFICO 3-B score report.  (Took them way too long to add all of them, but to give credit where it's due (pun intended), they did finally add them all.)

Yes, those don't update with the monitoring service - and they really should.  But if you pull a fresh 3-B report, those scores will be exactly the same as the scores your mortgage lender will pull, without costing you inquiries.

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@ChrisinKC wrote:
Unfortunately, your credit scores will drop once your lender pulls your score because a hard inquiry will be added to your credit report which lowers your score.

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 True, although the impact is tiny - I only saw a 1 point drop the last time I added an inquiry.

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@ChrisinKC wrote:

So, if you were right on the line between the highest scoring tier and the 2nd highest scoring tier, and then they ran your credit to tell you that you were in the 2nd highest tier, you now have a larger gap between the 2 tiers because of the hard inquiry.

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 If you're right on the edge of two mortgage rate tiers, there will frequently be things you can tweak or correct that will have a greater effect than the point or two from a single inquiry.  And a good mortgage loan officer will tell you exactly what those things are, for your file.

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@ChrisinKC wrote:

This is just another example of why credit scoring system is a scam and needs to be completely reformed.  You shouldn't need to lose points just to find out what your score is.  FICO should be required to provide ALL of your scores, and lenders should be required to disclose on the application which FICO scoring version that they'll use.

FICO sucks.

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 At least as of the last several months, you don't need to lose points to determine your mortgage score - you can (finally, took them long enough) pull them from here.

I assume you had a recent bad experience with a lender or the results of your credit report/score?

Did you have any specific ideas for reforming the current credit reporting/scoring/lending system, or were you just ranting?  (Nothing wrong with a good rant sometimes - it can help to get stress out.  But concrete ideas tend to be more effective in creating actual change.)

[zahzah608]

Thank you all for the information, it was helpful.

[ChrisinKC]

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@iv wrote:

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@ChrisinKC wrote:

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@zahzah608 wrote:
My fico mortgage scores are 762 EQ, 750 TR, 776 EXP
How accurate are these scores? I want to get pre-approved for a mortgage loan.

---

You will never know until your lender has pulled your FICO score, because each lender uses a different version of your mortgage FICO score, and lenders are not required to disclose which one they use, nor is FICO required to tell you what each of your mortgage version scores are.  

---

 No. Don't know where you got that from, but it's wrong.

 Effectively every mortgage loan currently uses a single, standard set of scores.

Those are:

• Equifax Beacon 5.0

• Experian/Fair Isaac Risk Model V2

• TransUnion FICO Risk Score, Classic 04

On the MyFICO 3-B Score Report, those appear as:

• Equifax FICO Score 5

• Experian FICO Score 2

• TransUnion FICO Score 4

These specific scores are required by Fannie Mae (Selling Guide section B3-5.1-01) and Freddie Mac (Selling Guide 37.5(a)), and are listed in the Additional Scores section of the MyFICO 3-B score report.  (Took them way too long to add all of them, but to give credit where it's due (pun intended), they did finally add them all.)

Yes, those don't update with the monitoring service - and they really should.  But if you pull a fresh 3-B report, those scores will be exactly the same as the scores your mortgage lender will pull, without costing you inquiries.

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@ChrisinKC wrote:
Unfortunately, your credit scores will drop once your lender pulls your score because a hard inquiry will be added to your credit report which lowers your score.

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 True, although the impact is tiny - I only saw a 1 point drop the last time I added an inquiry.

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@ChrisinKC wrote:

So, if you were right on the line between the highest scoring tier and the 2nd highest scoring tier, and then they ran your credit to tell you that you were in the 2nd highest tier, you now have a larger gap between the 2 tiers because of the hard inquiry.

---

 If you're right on the edge of two mortgage rate tiers, there will frequently be things you can tweak or correct that will have a greater effect than the point or two from a single inquiry.  And a good mortgage loan officer will tell you exactly what those things are, for your file.

---

@ChrisinKC wrote:

This is just another example of why credit scoring system is a scam and needs to be completely reformed.  You shouldn't need to lose points just to find out what your score is.  FICO should be required to provide ALL of your scores, and lenders should be required to disclose on the application which FICO scoring version that they'll use.

FICO sucks.

---

 At least as of the last several months, you don't need to lose points to determine your mortgage score - you can (finally, took them long enough) pull them from here.

I assume you had a recent bad experience with a lender or the results of your credit report/score?

Did you have any specific ideas for reforming the current credit reporting/scoring/lending system, or were you just ranting?  (Nothing wrong with a good rant sometimes - it can help to get stress out.  But concrete ideas tend to be more effective in creating actual change.)

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First of all, thank you for the information.  I hope it's all true and accurate.  If everything is true and accurate, then some of my major issues with FICO, as stated in the post you replied to, are now resolved.  I have had those issues with FICO from the first time I got a mortgage in 2004, and have been writing to every single body of government in multiple states for quite some time now trying to get that changed, although I have been blown off by every single one of those bodies of government each and every time.

Last week, in fact, I just sent more letters to several bodies of government about those same issues.  I will be happy to let them know that ONE of my issues is no longer an issue.  

You asked if I had any specific ideas for reforming the current system, or if I was just ranting.  The answer is, for every single issue I have with the current system, I have provided a proposed solution in every one of my letters to the bodies of government, and I had it listed above for this specific issue:

FICO should be required to provide ALL of your scores, and lenders should be required to disclose on the application which FICO scoring version that they'll use.

There are many, many, many more issues that I have with FICO and I'm going to continue writing to everyone until reform is made.  I believe strongly in fairness, and I do not believe the current system is fair, which causes large financial impacts to people since they're forced into being scored in this system.  If the system is reformed to be fair for everyone, then I'm fine with being forced into it, but otherwise I'm not.

Thanks again for sharing that information.