thatblissguy asked:


I know that the calculations used by lenders for a mortgage differ from Fair Isaac (FICO). I have TrueCredit (by TransUnion) triple credit monitoring which gives me unlimited access to all three of my credit reports (TransUnion, Equifax, and Experian) AND my FICO scores. I am preparing myself for a refinance and I want to see how I am scoring with the mortgage calculation, since I have improved my scores significantly over the past year when I got my sub-prime mortgage. My one year prepay penalty is coming up in late December and I want to be fully prepared before I start shopping. Also, what ABSOLUTE MINIMUM credit scores do I need, (FICO) and (Mortgage Lender), to be considered for a Prime rate (<7.5%). Thanks for your help, the people that contribute are greatly appreciated and I'm honored for your time and efforts! Keep up the good work!!!
So I just figured out recently that TransUnion's TrueCredit scoring use FACO and not a true FICO. I went to each bureau seperately and got my FICO and heres what I found, its astounding:
TU EXP EQ
FACO: 637* 596 607
FICO: 637* 660 678

*TransUnion only offers this scoring

I was going off this FACO calculation for over a year! Come to find out I have pretty good credit, and the things I have done to improve it had paid off substantially more than I thought in the past! My Mortgage score was MUCH higher than my FICO when I was applying for my first mortgage. So I now feel that my MORTGAGE SCORE should be in the 700s? Does anyone agree with that? That a middle score of 660 FICO would be at least 700 in Mortgage credit scoring?

Beth

suzanne c asked:


Although companies offer “Free Fico Score” online, they request your credit card info with the TRIAL monitoring service. In my view, this is deception. If I decide to keep the service after the trial, giving out my credit card data at that point is soon enough. Actually, I think this is a good case for the FTC!

Lucille

Rick Sarouk asked:


Credit Report Monitoring has become much more popular with the current mortgage crisis and the troubled economy. This comparison will benefit people who care about what goes in and out of their credit reports as it directly affects their ability to get favorable loans rates. But be aware … Many people do not understand what they get with this type of service … they get scores that are not true Fico scores and thus they are not as useful and could be misleading! Also notice that with any of the 3 credit bureau services you get only one score (if at all) but at least with Equifax 3 credit monitoring you get a true Fico score from all 3 bureaus. Only the true Fico score is used to underwrite your loan application.

Here’s our point … you need to monitor all three reports and all three scores to get the most accurate info – this will cost you $$$. So, as a compromise consider the Equifax 3 credit monitoring option … Also, you got to realize that it is one service per person so for your spouse you would need to purchase a second service.

Whichever monitoring service you select, remember … checking your credit report will NOT lower your score. Comparing reports quarterly is often enough to monitor your credit throughout a year and to catch the changes in your credit reports that may be affecting your Fico score.

 

Monitoring your credit can help you save thousands of dollars. It could also be your “first line of defense” against Identity Theft. If someone has stolen your identity, experts agree that one of the best ways to minimize the effects of ID theft is to discover the occurrence as soon as possible, so you can take steps to correct the situation.

Today, credit monitoring is easier than ever thanks to 3-Bureau Monitoring services that monitor all three credit bureaus, Experian, Equifax, and TransUnion. If key changes occur on any of your credit bureaus, monitoring services will send you an email alert to keep you constantly informed regarding changes on your report.

 

For more information on credit repair and credit monitoring go to 3 Credit Monitoring page.

 



Shannon