Profile picture for Luckybuyer

Is there a site to check the credit scores without a hit? (I can pay. Thinking of refinancing).

Hello. I am thinking of refinancing. My fist step is to check my credit score. Is there a secure way that will give me the score without a hit? I just bought a home last year but the interest are so temptingly low! (I heard that there are such sites, I am prepared to pay money to get my score). Thanks!
  • September 02 2010 - West Mount Airy
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Answers (20)

You may want to consider the fact that there are several scoring "models" used by the 3 primary credit reporting agencies, and what you find on one website could be different than what your mortgage lender finds when pulling your credit for refinancing purposes.
Ultimately - your best option when you are considering refinancing your mortgage is to select a lender, and complete the application;
because lenders cannot use a credit report pulled by the borrower (or another lender) - your lender will still have to request their own credit report.
The most difficult task is deciding which lender you will use.
I strongly suggest you inquire with your selected lender to see if you can refinance with "$0.00 closing costs".
While this will typically raise your rate - it minimizes the effect of the refinance by eliminating additional expenses being financed into the loan.
  • October 27 2010
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Free annual credit report You are entitled to see your credit for free once a  Please contact me if you like me to help review it with at no charge.
  • October 27 2010
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Profile picture for Blue in d Nile
By the way, Zillow's calculation of "break even" is not what most people consider "break even".  Most people consider "break even" when the equity plus the total amount out of pocket minus the loan balance is the same, not when just the payments are the same.

Usually you need at least 1/2 a percent difference before it even begins to make sense to refinance due to the fees, regardless if the fees are rolled into the loan or not.
  • October 26 2010
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Profile picture for Blue in d Nile
As others have mentioned before, an REA has no right to be pulling anyone's scores, even for pre-screening.  As the scores cannot be pulled without a Social Security number or Federal Tax Payer Identification number, any individual giving that info to an Realtor® is encouraging that agent to commit fraud and to violate their oath of ethics.

There is no "need to know", and the agent shouldn't.


And even if they don't impact your rating, many on-line sites do collect info for other purposes, so one needs to be careful.  By visiting the site you are essentially creating an "existing relationship", so all those "do not call" lists become void for their sales agents.

And as already mentioned, those aren't your FICO scores anyway.  Some of them are Vanguard calculations by the credit reporting companies.
  • October 26 2010
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The best FREE site is www.creditkarma,com

I use it all the time to pre screen.  
  • October 26 2010
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My Advice would be to run your own credit check - go to Equifax.com or Experian.com for a minimal fee you can run your own credit report.  You can also do a 3 -in- 1   which will give you your FICO score (3 Primary Reporting Agencies).

To qualify for a mortgage you'll need at least a 620 score with most lenders.

PS: When you run your own inquiry it does not "hit" or impact your score negatively.
  • September 04 2010
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The best way to determine what your representative credit score is to have a mortgage lender run the credit report.  The credit scores will be shared with you.  Almost all mortgage lenders will run a "tri-merge" report - this merges the information from the three major credit bureaus - Trans Union, Experian and Equifax - an produces 3 different credit scores.  We thro out the highest and the lowest and use the middle score as your representative score, which will determine the rate and program we can offer, and affects your ability to qualify for the mortgage.

There are also many different types of credit scores, so having an outside service may only produce one score from one credit bureau and it may not even be the correct credit score.

It is best to talk to a knowledgeable loan officer first.
  • September 03 2010
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Profile picture for broker_GRI
HUGD,

Yes this link http://www.ftc.gov/freereports takes you to the FTC site.
Years ago there were problems with other sites having names closly matching the other site and either charging or "phishing" for information.
They will offer your FICO score for a charge.

MyFICO used to be a personal favorite but expensive.

WhitePictures link to Zillows mortgage market place is a great place to start.
  • September 03 2010
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.

  • September 02 2010
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I'm sorry for the last wrong calculation (over-work at my work place 8)   )
* Assume you go with another 30 years mortgage, 4.5% interest rate, standard $3,000 closing cost, which rolls into the new mortgage total of $199K, the new monthly mortgage payment is $1,008. beside of you save $59 a month, your mortgage balances are break-even at the 97th month (you are still keep $59. a month), that is to say you need to keep the mortgage for more than 4 years in order to see the saving.
 If you keep paying $1,067 a month, your mortgage life is 321 months, you save 39 payments and your mortgage balances are break-even at the 32nd month.
The break-even is the reducing of the mortgage balances (Old and New) over period of time until they meet same amount with the other.
  • September 02 2010
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A responsible lender will share your credit score with you. If you are over 740 you have no worries. Naturally you also need to qualify with income. Good Luck.
  • September 02 2010
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.

  • September 02 2010
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Profile picture for Luckybuyer
My loan for 196K is 30 year fixed with 5.125% interest. I just bought the house last November (so there is still 29.5 years left!). I am paying probably $1067/month (with tax and insurace $1327).



Thanks!
  • September 02 2010
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It is useful if you post your mortgage info as the mortgage balance, interest rate and also the remain years (not required) which you had to pay for the mortgage. 
Or click on this link:

http://www.zillow.com/mortgage/calculator/Should-I-refinance-my-home-mortgage.htm
  • September 02 2010
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Profile picture for Luckybuyer
Thanks for all suggestions. I am not sure whether difference from 5.125% to 4.5% will be significant enough to refinance. How can I find out?

I know that going for 15 year fixed mortgage (instead my 30 year fixed) would give met the lowest interest (I even saw 3.75%) but I feel it is too risky (in case we loose one job).  We are young and will have  a family soon so our expenses will increase. 

Is there an online way to find out if it makes sense tp refinance before I pay one of these mortgage officers?



Thanks
  • September 02 2010
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Profile picture for Gannet
MyFico dot com is the only site that can sell you a real FICO score.  Even then, you can only get a score for 2 of the 3 major credit reporting agencies.  Other scores are basically worthless.  Checking your own score does not give you a "hit".
  • September 02 2010
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Profile picture for broker_GRI
You are most welcome LuckyBuyer
  • September 02 2010
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Profile picture for Luckybuyer
Thank you!
  • September 02 2010
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Profile picture for Mills Realty

If you are checking your own score on sites such as www.annualcreditreport.com then you do not get hit with any deductions.

Simon Mills
Mills Realty

  • September 02 2010
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Profile picture for broker_GRI
http://www.ftc.gov/freereports


All the very best to you!
Tanya
  • September 02 2010
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