850 FICO 8's After New-ish Mortgage?

[EW800]

Hello Freinds,  

Those that have been around for many years may recall that in 2010-2012 or so my wife and I went through some very ugly financial times - foreclosure and WAY too much credit card debt.  Thankfully, following a ton of hard work and lots of sacrifices we recovered very nicely.  We ended up with 850/850/850 for FICO 8's every month for a couple of years straight by doing the AZEO and having a very low Util auto loan. 

About 16 months ago we got a mortgage and paid off the auto loan.  That dropped our 850 FICO 8's down to about 835-839, which was to be expected losing the auto loan and entering into a new mortgage.  As of now our FICO 8 scores are EQ 845; TU 842 and EX 839. 

I know those are great scores, however I am curious if anyone has any experience in how long it takes to get the 850's again on FICO 8 with a new mortgage.  Is that something that can be achieved in a year and half to two years, or does it take longer to prove that the mortgage payments are sustainable.  As a reference point, we still do not have an open auto loan and we are doing the AZEO.  I will also mention that our FICO 9's are already showing abck to 850's, but the FICO 8's are not quite there yet.  

Thoughts?  Thanks! 

[Thomas_Thumb]

*edited after re-reading OP*

I can't say from direct experience. Fico 8 wasn't available in 2005. Is your mortgage 15 years or 30 years?

Best estimate is no more than 24 months - IMO. If you had no open loans, adding a mortgage itself can benefit score even though the B/L would be near 100%. The presence of the open loan would offset any mortgage B/L penalty. The HP on all 3 CRAs likely dropped scores 5-7 points. However, that would have disappeared after 12 months.

What is your current mortgage B/L? Do you have records on mortgage Fico scores from before the auto loan was paid off and then shortly after getting the mortgage? How much have those scores changed in the past 16 months?

[CorpCrMgr1]

Based on my five year car loan, which I still owe about 20% of the balance, Equifax via MyFICO states the large amount that I owe on it is keeping my CS down. I'm at 846. Speculating your mortgage is substantially more and will hold back your score from 850.

[Horseshoez]

My MLO ran my credit today; as things stand, my FICO 8s and 9s are as follows (EQ, TU, EX):

• FICO8: 777, 792, 779
• FICO9: 805, 806, 810

I'll report back when my numbers take a hit.

[Thomas_Thumb]

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@CorpCrMgr1 wrote:

Based on my five year car loan, which I still owe about 20% of the balance, Equifax via MyFICO states the large amount that I owe on it is keeping my CS down. I'm at 846. Speculating your mortgage is substantially more and will hold back your score from 850.

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Mortgages are scored differently from other type of installment loans. When my mortgage was 65% B/L, TU Fico 8 was 850. Others have reported F8 850 with mortgages around 90% B/L.

Length of payment history along with on time payments are the main scoring factors for mortgages, moreso than B/L. 

[Thomas_Thumb]

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@Horseshoez wrote:

My MLO ran my credit today; as things stand, my FICO 8s and 9s are as follows (EQ, TU, EX):

• FICO8: 777, 792, 779
• FICO9: 805, 806, 810

I'll report back when my numbers take a hit.

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Thanks for the data points. Any mortgage Ficos?

[Horseshoez]

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@Thomas_Thumb wrote:

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@Horseshoez wrote:

My MLO ran my credit today; as things stand, my FICO 8s and 9s are as follows (EQ, TU, EX):

• FICO8: 777, 792, 779
• FICO9: 805, 806, 810

I'll report back when my numbers take a hit.

---

Thanks for the data points. Any mortgage Ficos?

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My 5, 4, 2 mortgage FICOs are, 758, 761, and 787 respectively.

My FICO 10T EQ, TU, EX scores are, 812, 804, 822 respectively.