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dante123
Guest
0.10 Dollars($)
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Post subject: consumer score v.s mortgage score |
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| am trying to get a house but they said i dont have a mortgage score yet but i do have a consumer score of 691 but they dont see that when they full my credit they said i dont have mortgage score yet.am confuse can u tell me what is wrong with my consumer score and why they cannot use that? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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sorry, dante, but i don't know what a consumer score is, and it certainly won't relate to what a mortgage lender needs. do you have credit at all?
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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auty1985
Guest
0.10 Dollars($)
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Post subject: |
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| When asked my fico score how do I determine this when reading my credit report? Do I average the 3 scores? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Welcome auty,
You will not have to average the credit scores. You can simply read out the 3 individual scores as given to you by the bureaus.
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Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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the score that is used in qualifying is the middle of the three scores. that is, if you had scores of 750, 700 and 650, your middle score is 700. throw out the high and the low - that's the standard.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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and if there are 2 borrowers the lender will use the lower of the 2 middle scores.
husband 700 750 650 (700 is middle)
wife 800 750 700 (750 is middle)
the lender will use 700 since that is the lower of the two scores (700,750)
_________________
there's always hope!
"My credit score shot up 68 points!" |
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KayKay
Guest
0.10 Dollars($)
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Post subject: Credit Scores |
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| Can credit scores be increase in two months? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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yes, if you have made serious inroads into balances, and if you've eliminated any collections/charge offs, etc. i don't think you'll find huge increases in such a short time, but the likelihood is that you'll see better as long as you've taken care of business and made progress.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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I have seen points increase as much as 90 points in 2weeks
You can't do this with regular credit history
You used to be able to when someone added you to their credit card but that doesnt happen anymore
The only way you can do that is by credit repair.
For example..
If you had a collection on your credit report....and it brought down your score by 50 points...then you had it removed.....then your score should go back up by 50 points. Now imagine removing multilple negative items
_________________
there's always hope!
"My credit score shot up 68 points!" |
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JAZZY
Guest
0.10 Dollars($)
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Post subject: GETTING A HOME LOAN THROUGH usda |
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| I "M IN A LOW INCOME GROUP IWANT A 502 RURAL HOME LOAN DIRECT LOAN, THE ONLY THING I WORRY ABOUT IS MY CREDIT SCORE IS 520 ,AND I REALLY WANT A HOME OF MY OWN FOR MY AUTISTIC SON AND ME, I PAY $450.00 A MONTH FOR RENT WHY NOT USE IT ON A S :? IMPLE TWO BEDROOM HOME? :cry: :cry: KAREN |
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JAZZY
Guest
0.10 Dollars($)
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Post subject: HOME LOAN THROUGH USDA |
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| WHEN TRYING TO GET A LOAN THROUGH USDA LOW INCOME RURAL HOW INPORTANT IS A CREDIT SCORE WHEN YOU KNOW YOU ARE GOING TO PAY OFF THE HOME , I"M PAYING $450.00 MONTHLY ON THIS PLACE I"M IN AND IT"S ABOUT REALY TO BE KNOCKED DOWN OR A GOOD WIND WILL GET RID OF IT, NO HEAT NO ELECTRICITY IN ALL OF THE ROOMS, IT"S A MESS. |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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It's important...they look at the score among other things. You should have someone look at your credit to see if there's anything that can be fixed. Income is also a factor
_________________
there's always hope!
"My credit score shot up 68 points!" |
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Phil
Guest
0.10 Dollars($)
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Post subject: credit score postings |
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| What time of the month do credit scores post. |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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they post instantly
as soon as their is something changed on your credit report...you can get a rescore pretty quick....i usually see them in minutes
_________________
there's always hope!
"My credit score shot up 68 points!" |
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jweber
Guest
0.10 Dollars($)
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Post subject: credit bureaus |
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| Hi my credit is in a good condition but when i see my credit reports the numbers are different for my scores. why do they show up like this? |
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