Forums Discussions
-
Discussions tagged with 'What Credit Scoring Model Do Mortgage Lenders Use'
-
There are so many different platforms and portals where you can get your credit scores, and every portal has a different credit score for each individual consumer. I am mainly interested in what credit scoring platform mortgage lenders use? Mortgage companies pull a tri-merger credit report, which is they pull a report on Equifax, Experian, and Transunion and use the middle credit score. If a mortgage loan borrower wants to see what his mortgage credit score is without going to a mortgage broker or mortgage lender, which credit scoring platform should they use? Credit Karma, Credit Sesame, Experian, MyFICO, Smart Credit, Credit Wise, all have different algorithms it seems like because every one of those credit reporting and scoring companies yields a different credit score for each individual consumer. For Example, Credit Karma yields a 530-credit score on Transunion for me and Experian.com yields a 642-credit score on Transunion. Why such a large difference? What Credit Scoring Model Do Mortgage Lenders Use.
View Last Reply:
replied 2 weeks, 6 days ago
| Participants: 2 Members
|
1 Reply
-
What credit score model do mortgage lenders use? Is VantageScore so much higher than FICO? Do Mortgage Lenders Check FICO or Vantage? For the majority of lending decisions do most lenders use your FICO score? And which type of FICO score? FICO 2, 4, 8?
How far off is VantageScore from FICO? What FICO or Vantage Score Model does FHA, VA, USDA, FANNIE MAE, FREDDIE MAC, and Non-QM mortgage loans use? What is a good FICO score to get a mortgage?
-
This discussion was modified 1 year, 10 months ago by
Gustan Cho.
View Last Reply: replied 1 year, 10 months ago
| Participants: 5 Members
|
6 Replies
-
This discussion was modified 1 year, 10 months ago by
