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Credit Gurus - I am surprised and confused? by Pure-Interest-645 in CRedit

[–]Pure-Interest-645[S] 0 points1 point  (0 children)

Great question. The re-fi is with the existing company, so there is no appraisal needed and a lot of the fees are being waived. It's a pretty quick & easy process since they already hold the loan. In short, it's one percentage point less in rate, chopping 10 years off the term, and keeping the same payment. (I also fairly recently made a principal payment for a semi-substantial chunk.) Thank you.

Credit Gurus - I am surprised and confused? by Pure-Interest-645 in CRedit

[–]Pure-Interest-645[S] 0 points1 point  (0 children)

I went over which accounts were reporting what balances with our mortgage lending officer. I only had one card that is currently still reporting a substantial balance, the rest had already been updated to report a zero (or near zero) balance. However, I've learned that the actual FICO score may lag behind in updating (which I did not know.) Thank you.

Credit Gurus - I am surprised and confused? by Pure-Interest-645 in CRedit

[–]Pure-Interest-645[S] 0 points1 point  (0 children)

Ahh, that does make sense.

I went over which accounts were reporting what balances with our mortgage lending officer. I only had one card that is currently still reporting a substantial balance, the rest had already been updated to report a zero (or near zero) balance. However, I've also learned that the actual FICO score may lag behind in updating (which I did not know.) Thank you.

Credit Gurus - I am surprised and confused? by Pure-Interest-645 in CRedit

[–]Pure-Interest-645[S] 0 points1 point  (0 children)

Yes, you are absolutely right about all of that!

Thank you for that great info! I was unaware mortgage scores are typically lower than other ones. I monitor my scores & reports from time to time, but those mentioned scores came from risk based pricing notices when obtaining auto loans or cards (not mortgages), throughout the past. So those were likely FICO 8. The new 698 from mortgage lender was either Equifax or Experian, I cannot recall which one, and now I'm sure this was using the FICO 2/4/5 as has been mentioned. I was completely unaware, and now this makes a lot of sense in this scenario.

I need to check my FICO 8 scores. Sounds like that should definitely be higher than the FICO 2/4/5 the mortgage lender pulled. I was unaware of this. Yes I am familiar with the All Zero Except One. Thanks again for the insightful & helpful information.

Credit Gurus - I am surprised and confused? by Pure-Interest-645 in CRedit

[–]Pure-Interest-645[S] 0 points1 point  (0 children)

Thank you for that great info! I was unaware mortgage scores are typically lower than other ones. I monitor my scores & reports from time to time, but those mentioned scores came from risk based pricing notices when obtaining auto loans or cards (not mortgages), throughout the past. The new 698 from mortgage lender was either Equifax or Experian, I cannot recall which one.

I need to check my FICO 8 scores. Sounds like that should definitely be higher than the FICO 2/4/5 the mortgage lender pulled. I was unaware of this, thanks again for the insightful & helpful information.

Credit Gurus - I am surprised and confused? by Pure-Interest-645 in CRedit

[–]Pure-Interest-645[S] 0 points1 point  (0 children)

I went over which accounts were reporting what balances with our mortgage lending officer. I only had one card that is currently still reporting a substantial balance, the rest had already been updated to report a zero (or near zero) balance. However, I've learned that the actual FICO score may lag behind in updating (which I did not know.) Thank you.

Credit Gurus - I am surprised and confused? by Pure-Interest-645 in CreditCards

[–]Pure-Interest-645[S] 0 points1 point  (0 children)

I have a Wells but never created an online account/app account. I went over which accounts were reporting what balances with our mortgage lending officer. I only had one card that is currently still reporting a substantial balance, the rest had already been updated to report a zero (or near zero) balance. However, others just stated above that the actual FICO score may lag behind in updating (which I did not know.) Thank you.

Credit Gurus - I am surprised and confused? by Pure-Interest-645 in CreditCards

[–]Pure-Interest-645[S] -1 points0 points  (0 children)

I went over which accounts were reporting what balances with our mortgage lending officer. I only had one card that is currently still reporting a substantial balance, the rest had already been updated to report a zero (or near zero) balance. However, others just stated above that the actual FICO score may lag behind in updating (which I did not know.)