What Do Mortgage Lenders Look For on My Credit Reports? February 22, 2017 | by Kimberly Rotter Mortgage lenders look at your total financial picture, including your credit health and many other factors, when deciding if you should be granted a mortgage (as well as what terms and conditions will come with it, if you’re approved).
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Learn what credit score model lenders use when you apply for a mortgage and how different scores from the three main credit bureaus are.
When you apply for any kind of loan, the lender may look at your FICO Scores and credit reports from all three credit bureaus. Let me explain. In the U.S., there are three national credit bureaus (equifax, Experian and TransUnion) that house credit histories on most of us.
Credit history. A credit score is a three-digit number calculated from information in your credit reports that is designed to predict how likely you are to repay borrowed money. But a score doesn’t tell lenders everything, and many look at the reports themselves. A blemish might not be a deal-breaker, but it can affect your interest rate.
So it seems a complete rip off to pay to see a score which has not much to do with what lenders get! I feel like Ive been completely ripped off. I pay 10.00 a month for a service that alerts me if someone tries to use my identity, and was subscribing to the 2 credit bureaus so I could make sure my score was high enough for a loan.
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While it’s common knowledge that mortgage lenders use FICO scores, most people with a credit history have three FICO scores, one from each of the three national credit bureaus (Experian, Equifax.
As you can see, there are some differences but most industry references to the FICO Score versions commonly used in mortgage lending will have the appropriate version 5, 2 and 4 version number to the corresponding credit bureau listed. Hope this provide some clarity.
When pulling a residential mortgage credit report, lenders often look at information from multiple bureaus and calculate multiple credit scores for evaluation. They look at each applicant’s credit history closely, and the scores used will ultimately determine whether to approve the mortgage and what interest rate the borrower will pay.