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HELOC recommendations


gilfoyle
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Hi all, does anyone know of any banks/CU's that pull a different FICO version than the standard Mortgage FICO 5,4&2 version? For my scenario, my FICO 8 scores are higher than my mortgage scores. Which I know most are, but for me to qualify for a HELOC, I need to use my FICO 8 scores. Looking at my credit, i'm not sure why my mortgage scores are lower, but at the moment, it is what it is. Any help would be greatly appreciated! Thanks!

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On 5/5/2023 at 12:57 PM, gilfoyle said:

Hi all, does anyone know of any banks/CU's that pull a different FICO version than the standard Mortgage FICO 5,4&2 version? For my scenario, my FICO 8 scores are higher than my mortgage scores. Which I know most are, but for me to qualify for a HELOC, I need to use my FICO 8 scores. Looking at my credit, i'm not sure why my mortgage scores are lower, but at the moment, it is what it is. Any help would be greatly appreciated! Thanks!

welcome to CB!

 

when you look at your mortgage scores bought via myfico.com what reasons are given for why your scores are not higher?

 

FWIW, I don't know of any heloc options that would not use a real estate version of FICO.

 

 

 

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On 5/9/2023 at 4:03 PM, Glacier said:

I used Penfed for my HELOC, and they pulled FICO8

 

 

That's seems entirely plausible.  The traditional FICO mortgage scores are only required for mortgages where there's an intent to resell them to the guarantee agencies (FNMA. FHLMC), or mortgages funded by federal agencies (FHA, USDA, VA).

 

A private lender can use any score they wish to qualify a HELOC that they intend to hold.

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On 5/9/2023 at 4:03 PM, Glacier said:

I used Penfed for my HELOC, and they pulled FICO8

 


I decided to make inquiries with Penfed re their HELOC rates.  Currently have a line with DCU on the house up for sale, with rate terms of Pr - 0.50% (7.75% currently)

 

Will open one against our current home once that house sells.  So completed an inquiry on the Penfed site and received a call back in short order.  Don’t know if the guy was sandbagging me or what, but he claimed their best HELOC rate was Pr + 1.0% (9.25%).

 

Thanks, but no thanks!

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