How can I find out my credit score I would get if applying for a mortgage vs. my FICO?
thatblissguy asked:
I know that the calculations used by lenders for a mortgage differ from Fair Isaac (FICO). I have TrueCredit (by TransUnion) triple credit monitoring which gives me unlimited access to all three of my credit reports (TransUnion, Equifax, and Experian) AND my FICO scores. I am preparing myself for a refinance and I want to see how I am scoring with the mortgage calculation, since I have improved my scores significantly over the past year when I got my sub-prime mortgage. My one year prepay penalty is coming up in late December and I want to be fully prepared before I start shopping. Also, what ABSOLUTE MINIMUM credit scores do I need, (FICO) and (Mortgage Lender), to be considered for a Prime rate (<7.5%). Thanks for your help, the people that contribute are greatly appreciated and I'm honored for your time and efforts! Keep up the good work!!!
So I just figured out recently that TransUnion's TrueCredit scoring use FACO and not a true FICO. I went to each bureau seperately and got my FICO and heres what I found, its astounding:
TU EXP EQ
FACO: 637* 596 607
FICO: 637* 660 678
I know that the calculations used by lenders for a mortgage differ from Fair Isaac (FICO). I have TrueCredit (by TransUnion) triple credit monitoring which gives me unlimited access to all three of my credit reports (TransUnion, Equifax, and Experian) AND my FICO scores. I am preparing myself for a refinance and I want to see how I am scoring with the mortgage calculation, since I have improved my scores significantly over the past year when I got my sub-prime mortgage. My one year prepay penalty is coming up in late December and I want to be fully prepared before I start shopping. Also, what ABSOLUTE MINIMUM credit scores do I need, (FICO) and (Mortgage Lender), to be considered for a Prime rate (<7.5%). Thanks for your help, the people that contribute are greatly appreciated and I'm honored for your time and efforts! Keep up the good work!!!
So I just figured out recently that TransUnion's TrueCredit scoring use FACO and not a true FICO. I went to each bureau seperately and got my FICO and heres what I found, its astounding:
TU EXP EQ
FACO: 637* 596 607
FICO: 637* 660 678
*TransUnion only offers this scoring
I was going off this FACO calculation for over a year! Come to find out I have pretty good credit, and the things I have done to improve it had paid off substantially more than I thought in the past! My Mortgage score was MUCH higher than my FICO when I was applying for my first mortgage. So I now feel that my MORTGAGE SCORE should be in the 700s? Does anyone agree with that? That a middle score of 660 FICO would be at least 700 in Mortgage credit scoring?
Beth
Fred
I heard you can have like 1 or 2 looks per year of your credit record. You shouldn’t have to pay. They make money from giving people laccess to look at your credit report. If you get too many people looking at your credit report and turning you down, it is bad.
Martin
640-650 is probibly the range if your scores are higher you could get a better rate! once you get your score above 670 now your talking a even better rate. If you are wondering what score the mortgage company will use,Its simple you have threee scores they will throw the low and the high awaya nd use the middle score called in the industry a MID SCORE.
once your score is above 680 now your talking very good rate in the low sixes or pos high 5′s
credit score is the determining factor when finding a great reat look around and tell the broker your rate and see who come out on top her is one to check they tend to be the lowest