Credit Scores

[whattaguy]

Trans Union - 752
Equifax - 771
Experian - 744

I'm just worried about that Experian score. I want to be able to possibly purchase a home this year, but am worried about my scores. I was in the mid to upper 600s last December before I disputed a lot of the info.

 

[amdskip]

Do you have a down payment saved for a house?

 

[nakedfrog]

I wouldn't worry about it. I don't know that there's a "most observed", different places go by whatever agency they want.

 

[Barrak]

I have heard they take the middle of the 3, or average the 3 together.

 

[VinylxScratches]

I heard they take the lowest one just to rip you off.

 

[hiromizu]

I would have Transunion and Experian call Equifax and find out why the discrepancy.

 

[Gothgar]

If you have a decent down payment it won't make much of a difference, if any at all

 

[nakedfrog]

Originally posted by: hiromizu
I would have Transunion and Experian call Equifax and find out why the discrepancy.

It's not really a discrepancy, they all have their own method of calculating the score.

 

[hiromizu]

Originally posted by: nakedfrog

Originally posted by: hiromizu
I would have Transunion and Experian call Equifax and find out why the discrepancy.

It's not really a discrepancy, they all have their own method of calculating the score.

I know that. It's really just a matter of finding things that were unaccounted for, if any. I do this every 6 months or so.

 

[spelletrader]

Originally posted by: whattaguy
Trans Union - 752
Equifax - 771
Experian - 744

I'm just worried about that Experian score. I want to be able to possibly purchase a home this year, but am worried about my scores. I was in the mid to upper 600s last December before I disputed a lot of the info.

Where did you get your scores from?

The scores that lenders use are FICO scores, the crap that the bureaus give you could vary anywhere from 20-120 points from the score that your lenders use.

The only place you can obtain your FICO scores is at myfico.com, and they only provide Transunion and Equifax score, Experian recently pulled out of their agreement with myfico to offer their scores to consumers.

Another alternative to obtain your real credit scores (IE scores that lenders actually use) is to go to a mortgage lender and get pre-approved they will tell you all three scores. Mortgage lenders use your MIDDLE score to determine eligibility and rates.

What kind of loan are you going to want? Most lender require a mid-score of 625 (FICO, not Plus, Advantage or any of that other junk the bureaus try to sell you) for FHA loans. Though that can vary.

My house is being built right now, we are doing a VA loan. Some lenders told us we need a mid score of 610+ another lender told us 645+.

Your first step should be to find out you FICO scores, and go from there.

You can find some great credit resources at creditboards.com and myfico.com forums. Also to see what lenders require you can check out whogavemecredit.com

EDIT: There are many different types of credit scores out there for sale, and for free. The only one that matters is the one that your lender uses. Over 95% of lenders use FICO scores to make a determination.

 

[whattaguy]

Yes...all those numbers are from myfico.com. Those are the official, paid for, scores as of today. I had to log into Equifax to get my score from them. I'm hoping to have about 10-15% down for a loan, then take advantage of the $8k new home buyers credit.

 

[Old Hippie]

Originally posted by: whattaguy
Yes...all those numbers are from myfico.com. Those are the official, paid for, scores as of today. I had to log into Equifax to get my score from them. I'm hoping to have about 10-15% down for a loan, then take advantage of the $8k new home buyers credit.

Experian recently pulled out of their agreement with myfico to offer their scores to consumers.

How did you get the Experian score?

 

[whattaguy]

Originally posted by: Old Hippie

Originally posted by: whattaguy
Yes...all those numbers are from myfico.com. Those are the official, paid for, scores as of today. I had to log into Equifax to get my score from them. I'm hoping to have about 10-15% down for a loan, then take advantage of the $8k new home buyers credit.

Experian recently pulled out of their agreement with myfico to offer their scores to consumers.

How did you get the Experian score?

Oops...I meant that I had to log into Experian to get my score. Everything else was through myfico.com

 

[Old Hippie]

Originally posted by: whattaguy

Originally posted by: Old Hippie

Originally posted by: whattaguy
Yes...all those numbers are from myfico.com. Those are the official, paid for, scores as of today. I had to log into Equifax to get my score from them. I'm hoping to have about 10-15% down for a loan, then take advantage of the $8k new home buyers credit.

Experian recently pulled out of their agreement with myfico to offer their scores to consumers.

How did you get the Experian score?

Oops...I meant that I had to log into Experian to get my score. Everything else was through myfico.com

Thanks! I just wanted to know.