Your credit score and applying for mortgage pre approval.

[Tommy Fits]

Question about applying for pre approval and your credit score. My wife and I are starting to look to buy a house and we applied for for pre approval and her score came back much lower than anticipated, we thought she was in the low 800's she was came back in the high 600's. That's what creditkarma said at least. So after doing some investigating we found out there was a bill in collections for a few years we had no idea about. As soon as we found out we called the collections agency and paid it, turns out it was being sent to the wrong address. I went to the credit bureaus directly now. Two of three showed her score being 770 and 809, Experian had it at 690. I disputed the charge and they removed it from her record, her score with them instantly shot up to 797. So we talk to the lender again and her score with Experian now shows 814. I don't understand the discrepancy why it's higher with the lender. But the other two still show 680 and 690. So I call TransUnion because I paid for the report from the yesterday and it has her score as 809 but the lender says her score with TransUnion is 690. I tell the girl on the phone and she says they have different criteria when calculating a score. But I told her they said it was TransUnion that had a 690 score. When the Experian score was updated, it instantly improved with the lenders. Can someone explain this to me. It's incredibly frustrating, my wife's credit card is paid on time every month, she's paid off her student loans, she's paid off her car, I don't understand how TransUnion themselves can have an 809 score but the lender says her TransUnion score is 690.

 

[OfTheCross]

Question about applying for pre approval and your credit score. My wife and I are starting to look to buy a house and we applied for for pre approval and her score came back much lower than anticipated, we thought she was in the low 800's she was came back in the high 600's. That's what creditkarma said at least. So after doing some investigating we found out there was a bill in collections for a few years we had no idea about. As soon as we found out we called the collections agency and paid it, turns out it was being sent to the wrong address. I went to the credit bureaus directly now. Two of three showed her score being 770 and 809, Experian had it at 690. I disputed the charge and they removed it from her record, her score with them instantly shot up to 797. So we talk to the lender again and her score with Experian now shows 814. I don't understand the discrepancy why it's higher with the lender. But the other two still show 680 and 690. So I call TransUnion because I paid for the report from the yesterday and it has her score as 809 but the lender says her score with TransUnion is 690. I tell the girl on the phone and she says they have different criteria when calculating a score. But I told her they said it was TransUnion that had a 690 score. When the Experian score was updated, it instantly improved with the lenders. Can someone explain this to me. It's incredibly frustrating, my wife's credit card is paid on time every month, she's paid off her student loans, she's paid off her car, I don't understand how TransUnion themselves can have an 809 score but the lender says her TransUnion score is 690.

First of all, make sure all those aren't Hard credit pulls because it's gonna fukk y'all up.

2nd of all, every time the lender pulls her credit it's a Hard pull and it might negatively impact her score.

To answer your confusion, though. The Credit Report that you get for free and the one's that Lender's pull aren't weighted the same. Mortgage Lenders usually pull all three bureaus and the scores are typically lower than the ones we get for free. The algorithm is more conservative, I suppose.

Don't let none of that stop you from moving forward. Rates are low as hell right now as long as you have a 660 and above.

 

[Ethnic Vagina Finder]

you can get a house with a 600 credit score. Good/Stable Income + low debt trumps credit score. You can always negotiate interest rates. At the end of the day people want to make that sale and/or get that commission. Credit score is only one piece to the puzzle.

 

[BigMoneyGrip]

you can get a house with a 600 credit score. Good/Stable Income + low debt trumps credit score. You can always negotiate interest rates. At the end of the day people want to make that sale and/or get that commission. Credit score is only one piece to the puzzle.

Fam don’t do that.. we talking about a mortgage for the next 30 years why subject yourself to more in interest? Shopping for a mortgage your score should be no lower than 720

 

[BigMoneyGrip]

Question about applying for pre approval and your credit score. My wife and I are starting to look to buy a house and we applied for for pre approval and her score came back much lower than anticipated, we thought she was in the low 800's she was came back in the high 600's. That's what creditkarma said at least. So after doing some investigating we found out there was a bill in collections for a few years we had no idea about. As soon as we found out we called the collections agency and paid it, turns out it was being sent to the wrong address. I went to the credit bureaus directly now. Two of three showed her score being 770 and 809, Experian had it at 690. I disputed the charge and they removed it from her record, her score with them instantly shot up to 797. So we talk to the lender again and her score with Experian now shows 814. I don't understand the discrepancy why it's higher with the lender. But the other two still show 680 and 690. So I call TransUnion because I paid for the report from the yesterday and it has her score as 809 but the lender says her score with TransUnion is 690. I tell the girl on the phone and she says they have different criteria when calculating a score. But I told her they said it was TransUnion that had a 690 score. When the Experian score was updated, it instantly improved with the lenders. Can someone explain this to me. It's incredibly frustrating, my wife's credit card is paid on time every month, she's paid off her student loans, she's paid off her car, I don't understand how TransUnion themselves can have an 809 score but the lender says her TransUnion score is 690.

Your first issue is fukking with credit karma their scores are ALWAYS OFF BY 20-30 pts.. You want your real score hit up MyFICO

 

[Ethnic Vagina Finder]

Fam don’t do that.. we talking about a mortgage for the next 30 years why subject yourself to more in interest? Shopping for a mortgage your score should be no lower than 720

Bank with a credit union. Wait 5 years, then apply with them. You will more than likely get the lowest possible interest rate with them.

I got a mortgage with 630 credit score and my interest rate was 1.5%. Score was low because of a old bill I had in collections that I didn't know about and I provided a letter from them to confirm I paid it. I had stable income, and no other debts. You gotta negotiate regardless. At the end of the day you DON'T have to accept their terms.

 

[Tommy Fits]

Yeah I don't fukk with credit karma now, but the weird thing is, I went to look for the scores directly from the 3 credit bureaus and my wifes score was high with all 3 but the lender had her score over 100 points lower when he ran the credit check. We found out it was a phone bill that went into collections after a couple of months during covid. She paid the bill a month or two ago so I disputed the collections mark and blamed it on covid, TransUnion and Experian removed them that day and her score shot up with the lender from 699 and 690 to 809 and 797. But we're still waiting on equifax. I rather go in there negotiating with good credit, excellent income to debt ratio, and good jobs. Why go in with two of three when I know my wife should have excellent credit.

 

[King Sun]

I'm closing on a house right now and having a credit score of 650 and up will put you in the a good spot. The bankers normally use the person with the lowest credit to approve the loan with and some brokers are willing to work with you by doing a credit boost or point you in the right direction to get your score up. Go with a banker that eats most of your closing costs because that will do you in with it comes do a down payment. Use the experian FICO app credit karma uses an inflated system used to shop credit cards to you mostly.

 

[morris]

I just had my call with BoA last week and my credit score is good (pre-approval for mortgage). I'm active looking though do not have 20% which is mandatory for Co-op in NYC.

Rep said he pulled my credit score from all 3 and they go with the median score. I believe this was a "soft pull" but wither way glad to know my credit score is still good. Just means ish in NYC without a lot of capital (income to debt is good, credit good, but other than that gotta save more till next summer)