Answers (7)
Best Answer
- Clay Branch, "Georgia Loans"
- Contributions:8829
As far as " credit scores " go, the only thing that matters are FICO scores which your lender pulls. I suspect the scores you are seeing are not FICO
( probably Vantage scores ) even though you are getting " scores" through Equifax and returning a score from EXP and TU. Mortgages are not only based on Fico scores, you need a couple of open trade lines or recent account activity and if you have not had any credit for 5 years you need to go FHA using "alternative" credit which would be rent plus 2-3 more accts like gas bill, electric bill, cell phone bill, cable tv, etc.
( probably Vantage scores ) even though you are getting " scores" through Equifax and returning a score from EXP and TU. Mortgages are not only based on Fico scores, you need a couple of open trade lines or recent account activity and if you have not had any credit for 5 years you need to go FHA using "alternative" credit which would be rent plus 2-3 more accts like gas bill, electric bill, cell phone bill, cable tv, etc.
- Dave Sullivan, "TheCreditGuy"
- Contributions:26
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- user312046
- Contributions:4
Thanks Clay, that makes a lot of sense and explains what we're seeing. I've gotten clairification from our mortgage provider as well that confirms your guess. I'd never even heard of Vantage scores until you mentioned them here!
Our provider is working with us to get this resolved. It's really irritating though that the credit score systems available to consumers aren't reporting the same information that lenders see. It makes it much harder to anticipate how easy or difficult it is for an individual to get credit.
Our provider is working with us to get this resolved. It's really irritating though that the credit score systems available to consumers aren't reporting the same information that lenders see. It makes it much harder to anticipate how easy or difficult it is for an individual to get credit.
- user312046
- Contributions:4
Thanks for the replies so far! I had to cut out a lot of detail from the initial post to hit the 2,000 limit, here's some more context.
We entered the home buying process partially because my Experian numbers looked so good (my wife's in the mid 700s and has good credit overall), plus we finally have enough for a downpayment plus closing. Cash flow has never been a problem.
We are now in contact, just entering attorney review period of 3 days in Hunterdon County, NJ. After rejecting one mortgage company we're now dealing with a different one, they've been very helpful and they're reviewing all the details now to see if this will be a problem to them or not. We also have an attorney and are consulting him.
My real question is how my information can be all over the map. Different reporting agencies are reporting wildly different numbers supposedly from the same source (e.g. Experian reports 736 for itself while Equifax says my Experian number is 777), and I can see credit scores while mortgage lenders cannot.
We entered the home buying process partially because my Experian numbers looked so good (my wife's in the mid 700s and has good credit overall), plus we finally have enough for a downpayment plus closing. Cash flow has never been a problem.
We are now in contact, just entering attorney review period of 3 days in Hunterdon County, NJ. After rejecting one mortgage company we're now dealing with a different one, they've been very helpful and they're reviewing all the details now to see if this will be a problem to them or not. We also have an attorney and are consulting him.
My real question is how my information can be all over the map. Different reporting agencies are reporting wildly different numbers supposedly from the same source (e.g. Experian reports 736 for itself while Equifax says my Experian number is 777), and I can see credit scores while mortgage lenders cannot.
- Marc DeSantis, "MarcDeSantis"
- Contributions:34
You definitely should open up a credit card and as others have stated, just pay it off in full every month. Many rewards cards will allow you to accumulate points for free airline miles or cash rewards. Since you have perfect rental payment history and good income, even if you have no credit scores you should be able to get a home loan. An FHA loan is a great option as non-traditional payment history can be used. Along with your rental payment history your utility payment history can be used to help qualify you. Feel free to call me if you have more questions.
- Jim Stevenson, "therealtorguy"
- Contributions:1470
Congratulations on doing an excellent job of managing your money! I know it sounds silly, but you should have and use one or two credit cards. You don't have to maintain a balance, you can pay them off monthly. Find cards that give you rewards for the items you are using your debit card for. If you ever need to rent a car, you will need a credit card.
Speaking of your debit card, you must have obtained that from a local bank or credit union. Perhaps that is where you should start looking for a mortgage. Sit down and speak with the loan officer at your local branch, I am sure you will get better results ... they know you.
Speaking of your debit card, you must have obtained that from a local bank or credit union. Perhaps that is where you should start looking for a mortgage. Sit down and speak with the loan officer at your local branch, I am sure you will get better results ... they know you.
- sunnyview
- Contributions:26916
I would talk to a good mortgage broker and see what they suggest. Your best option may be to open a credit card so you can be "seen", but I would ask a broker first to make sure that the pull will help more than hurt you.
What's the best way to resolve this weird credit score situation?
My credit information seems to be fairly messed up with the various reporting agencies and I'm not sure how to best proceed.
Background: I make a good six figure salary, have been renting for 20 years with a perfect rental record, but I haven't had a credit card for the past 5 years. My wife and I split our expenses years ago so that I take care of the rent and entertainment expenses, she takes care of the rest. The net result is everything fit on my debit card so I cut the credit cards.
Fast forward to now and we're trying to buy a house, and now I'm mired in trying to understand what's going on with my scores. Details:
- Freecreditreport.com says I have a 736 Experian score.
- TransUnion says it can't generate any score because I have no open credit accounts for the past 24 months.
- Going against Equifax I ordered their "three agency" report. Equifax says they can't give me a number either because I haven't had any credit activity.HOWEVER - they report my Experian number as 777 (while Experian says it's 736) and they report my TransUnion number as 768 (while TransUnion says I have no number).
To complete the picture, two mortgage companies tried to pull my credit and got no number from any of the three agencies! They said that I seem to not exist at all to them.
How can I see scores and mortgage companies can't, and how different agencies are reporting wildly different numbers, supposedly against the same agency! I suppose I could apply for a card but that's going to be further hard pulls against my credit.
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