Why is my Mortgage Credit Score Different Than What I Pulled?
If you pulled your credit report on line or with one of the many
consumer websites, you probably just got a generic version
of your credit scores. Let me guess.. you pull a credit score
and then have your mortgage professional pull it and
After your mortgage professional pulled it your
score was quite a bit lower, correct?
Most mortgage scores are a FICO version. FICO 08 version
is out now, but when FICO issues a version you have four types:
Credit Card FICO and a
Generic FICO score!
Why are their so many different types of FICO scores?
The types of FICO scores are based upon the risk for a lender.
Simply, if you purchase some furniture for $2000 over a year or
two (generic score), its a much different risk than say a auto for
$10-$50K or more over 5-7 years. As is a mortgage loan that's
usually hundreds of thousands of dollars over 30 years.
Now it makes sense right? Your mortgage scores will be looking
at your payments, history, mix of credit etc much closer on a
large home purchase vs some furniture.
Now just to add some more gas to the fire, their are over
54 different versions of just the FICO mortgage scores!
YIKES! That's why it pays to seek out a professional that knows
what your GOAL is (to buy a home? a car? had a bankruptcy?
foreclosure or short sale?) when they review your credit report.
And that's just the beginning of the process. You also have to be
able to read your report and know WHAT is MISREPORTING!
Sign up for your Free credit report review today and get the
professional advice you need to meet your goals. Your review
will include tips on how to keep your scores high and prevent new
negative information from ever reporting on your credit.
PS Remember, if you are not looking at good information on the
reports you pulled AND if you don't know what is misreporting or
inaccurate, then make the appointment now for your FREE review!