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Answers (7)
- Gene Mundt, "profmortgagebanker"
- Contributions:74
pck0923: It is true what you have been told here. A mortgage lender's credit report will most likely show scores a bit different than what you yourself received. It's also true, that we use the middle score of the 3 scores pulled. It's not the average of the total, but the middle score. That said, a mortgage lender will typically pull your credit report for you for no cost ... upon your approval to do so. I do that as a courtesy to my clients, whether past clients or potential future business.
If you are looking to improve your scores fairly quickly, that MAY be a possiblity. Depending on what kind of credit you actually hold. Again, many mortgage lenders can make good suggestions as to how to improve your scores. I can do that for you ... or place your credit in a program that my company utilizes for credit improvement. Should you wish further information on this, please let me know. I'd be happy to assist you.
You mention you are somewhat fearful of this process. No doubt, there have been many changes to the mortgage process in the past few years. But with the right mortgage lending professional assisting you, the process should be navigated without real stresses. Make sure you do your homework when looking for your mortgage lender and real estate agent. Make sure they have experience and expertise ... and can prove both to you.
Again, should you have more questions .. please feel free to shout out to me. Best of luck to you as you proceed ...
Gene
If you are looking to improve your scores fairly quickly, that MAY be a possiblity. Depending on what kind of credit you actually hold. Again, many mortgage lenders can make good suggestions as to how to improve your scores. I can do that for you ... or place your credit in a program that my company utilizes for credit improvement. Should you wish further information on this, please let me know. I'd be happy to assist you.
You mention you are somewhat fearful of this process. No doubt, there have been many changes to the mortgage process in the past few years. But with the right mortgage lending professional assisting you, the process should be navigated without real stresses. Make sure you do your homework when looking for your mortgage lender and real estate agent. Make sure they have experience and expertise ... and can prove both to you.
Again, should you have more questions .. please feel free to shout out to me. Best of luck to you as you proceed ...
Gene
- Tom Rydberg, "rydbergtom"
- Contributions:50
We use the middle of the three scores. The range of scores you describe are not unusual. You should have some good option as is but you can get a free report that will suggest how to raise your score.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
Experian no longer sells a real FICO score...only lenders can pull it. So yes, they are probably not very accurate (often reffered to as a FAKO iinstead of a FICO!), and you need a lender pull.
You can read about this at www.myfico.com
You can read about this at www.myfico.com
- Matt Laricy, "Matt Laricy"
- Contributions:1620
A lot of credit scores you pull up online are wrong. Free credit score is one of the worst ones out there. If your looking for an accurate credit score, have your lender pull it for you.
- Dave Skow, "daveskow"
- Contributions:1105
often " lender " pulled reports are slightly different than " consumer pulled reports
- pck0923
- Contributions:2
How would it be different?
- Dave Skow, "daveskow"
- Contributions:1105
most ( if not all ) will use middle score ...to make it even more confusing , when the lender pulls your credit report , its likely that all three of these scores might be different than what you have .....
dont be afraid to proceed with whatever you need to do ...proceed with a lender you are comfortable with on a pre approval to see exactly what scores they get and in turn what financing options you will have to consider
dont be afraid to proceed with whatever you need to do ...proceed with a lender you are comfortable with on a pre approval to see exactly what scores they get and in turn what financing options you will have to consider
Mortgage and Credit Score
What do mortgage lenders do to decide which score to use. Since they are soo different, I'm afraid to proceed....help!!
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