Which FICO Score Do Mortgage Lenders Use? | Info On The Go Ep 70

Ever wonder why the FICO score the mortgage professionals use is sometimes different from the one you pull yourself? That's because there are different FICO scoring models. But which FICO score do mortgage lenders use. In this video, I'm going to explain the various models as well as give you some tips to help enhance your credit score and profile.

Which FICO Score Do Mortgage Lenders Use? | Info On The Go Ep 70
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Dietric Williams, Compass
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[DietricWilliams]

Did you know about the three FICO's that lender use and did you know that there is a NEW scoring model called FICO 10?

[sondraeckert]

Finally - someone who explains this correctly! I will be sharing your video to my clients, I am a mortgage lender in Missouri. LOVE this. You are really good, natural for sure.

[MarkAndersonMortgage]

Great video! I'm a mortgage banker and can confirm you know what you are talking about. Very well presented!

[NicoleMoonyt]

This was SO helpful! Everyone usually just gives a general overview and never really answers the questions. THIS... this was so informative and really helped me understand the right questions to ask and to be able to see what we might be working with. I really appreciate you taking the time to make and upload this for us! :)

[asully]

Great presentation. Can you break down what fico mortgage scores emphasize more of than the fico 8? Am assuming they focus more on payment history, especially of installment loans, any new credit and inquiries, than fico 8, and am guessing they have slightly different percentages than fico 8 such as 35% payment history, will probably be more like 40%. Am looking for advice on what to focus most of my attention on to raise my fico mortgage scores to get highest score possible for the mortgage scores. I will be getting a my fico subscription to see the rest of my fico scores, but fico 2 is 696. I see my experian scores thru experian app. Does adding authorized user tradeline help raise score for mortgage scores? I know fico 8 may not count authorized user tradelines. A video just focusing on tips to raise mortgage fico scores if not already done so would be greatly appreciated. First time to your channel and I subscribed to it.

[dariencannon]

Keep going! This is great. Your a natural.

[jakmere]

Credit bureaus keep showing me the Vantage 3.0 score. I purchased a report from MyFico, and the Vantage 3.0 score did not sure up on that report at all, yet when I look at my credit score directly from the credit bureaus, they show me the Vantage 3.0 score. This is important because they are showing me a score that lenders are NOT using to determine my credit worthiness.

[heyrobertcarter]

This was Thanks again for your knowledge!

[aliciawright]

Great video!! Lol I stepped on campus and jacked up my credit too!!😂😂😂I’m older and wiser now!

[mikedemko]

Great video... I might suggest wearing a different shirt.... one with YOUR logo, not Compass... nothing against Compass but.... ya never know what happens.

[fabvibe]

So the middle score is always the lowest one? It could be any of those bureaus?

[wendellgreenidge]

Do you have a updated video or is this still current information?

[miketony]

Our apt will now post payment history on Fico but want to charge $5.00 each for my wife and I

[msh]

I need to clean up two items on my credit my score is ok 690 but I have two collections I surrender a bmw when my husband passed away and a cc what should I do

[Licey-lnxs]

Very well explained. Thanks!! How long after bankruptcy I can apply for a mortgage loan??? It’s been 4 years I did

[wbb]

Very good video. Well explained. Thanks.

[THEREALSHOTIME]

My fico 8 middle score 647. My fico middle score for fico 5, 4, 2. 640. But have a 5 year old charge off with a zero balance. And no lates in my credit report in 13-14 months

[Mr__True]

Thank you sir for important information 🙏

[acaciawilliams]

How can I find out my Fico 8 score? I'm trying to buy a house. Help 😩

[sacp]

There is only one FICO score!..and two others. All lenders use the "middle" score for a basic approval, which is not always the FICO score. Truth spoken by 20+ year mortgage company owner! Always remember folks, Realtors are not finance or lending experts. They cannot pre-approve you for anything and they may not actualy "pull"your credit report either. Their licensing only requires a minimum of 60 hours of training to make a sales contract. They are only sales document makers and honestly a third wheel in the actual transaction, whom charge way to much for the little work done. New Mortgage Brokers/ Bankers have a minumum of 2080 hrs education and training, to fund the rest of your life. Who would you really trust for the facts, rates and terms you want? Here's a cool trick. Use the listing agent to see the house you want, make offer, and wright in you want the buyers agent commission back at close for cash back! Even better, have it deducted from the sales price or use it for closing costs!