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Credit scores??

I pulled my 3 credit scores from an website. How accurate are those scores when it comes to applying for a loan? . I want to apply for a FHA loan for my first home. by johnro_684_136 from Brighton, Colorado. Nov 13th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Those scores pulled from a web site can be very inaccurate, especially when considering them for a home loan. The scoring models used are different and thus cause the fluctations in scores. You should get with a local mortgage broker, not one of the big banks, and see what your scores are and what, if anything, needs to be addressed before you begin the process of getting a mortgage. It's best if your middle score is a 640 or better to get a mortgage. Even though FHA says they will go as low as 580 and still give you a loan, the reality is that the FHA is not a lender, they are an insurer of the loan, and each lender has their own rules regarding credit scores and other factors that are called "overlays".

Nov 13th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

We call online credit scores the FAKO score... need I say more.. They are designed to intentionally give you a higher score than what you might actually have.. When you apply for a mortgage, the scoring model that issued is a gauge of the likelihood of you defaulting on a mortgage.. Likewise, if applying for revolving credit, the scoring model used is to determine your likelihood of defaulting on a credit card.. Just get with a local mortgage broker, not the bank, and not one of those nationwide, or 50 states internet lenders... let them pull your credit and see where you actually are... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 13th 2012
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Richard C. Carlton (Carlton)
#17 ranked lender in Alabama - 14 contributions

The scores you gathered should be in the ballpark of what a lender is looking for.They should be a good indicator of what a hard pull will be.Good luck.

Nov 13th 2012
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

Hi John.Each industry has their own scoring algorithms with the credit bureaus. The consumer reports that we pull for ourselves will have different scores than a mortgage, auto or insurance credit report would. It is best to have a mortgage company pull your report so you know what your mortgage report credit scores are. Most lenders will not loan to those with a middle credit score of less than 640. Stonegate will allow a mid score down to 620. Once you get below that score, the lenders that will lend, have much more stringent credit criteria than if your score was above 620. I am not licensed in Colorado, but will be happy to help you figure this out if you would like to call on me. 614-310-7520

Nov 13th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

They're not. There are over a dozen score models. It is extremely doubtful that the scores you received are from the mortgage scoring model. The best way to find out what you qualify for is to connect with a local Mortgage Banker/Broker, rather than one of the big banks or national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Nov 14th 2012
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James Crowder (JamesCrowder)
#59 ranked lender in Colorado - 30 contributions

Unfortunately, the "credit score" available from a consumer website are not very accurate. Lender pulled credit scores tend to be a little lower than those obtained from a consumer website. Credit scores of 580 and up will qualify you for an FHA loan with many, but not all lenders. The lender will consider the middle of the scores from the three bureaus to be the determining score. So you can have one lower, one higher as long as the middle of the three scores is at least 580. I hope this helps. Please contact me if you want more information.Jim Crowder(303)243-3918jim@crowder.comwww.crowder.comwww.jimcrowderblog.com

Nov 13th 2012
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James Crowder (JamesCrowder)
#59 ranked lender in Colorado - 30 contributions

Unfortunately, the scores provided by consumer websites are inaccurate. The lender will pull a credit report from each of the three credit bureaus and will use the middle of the three scores provided by the bureaus. Your credit scores are very important. A middle credit score of 580 is the minimum required to qualify for an FHA loan. Some lenders, but not all will offer a loan to a person with a 580 credit score. All lenders will offer a loan to someone with a 620 credit score assuming that that person also has sufficient income, assets and has not suffered a recent bankruptcy nor foreclosure. I hope this helps! Please call if you would like more information.Jim Crowder(303)243-3918jim@crowder.comwww.crowder.comwww.jimcrowderblog.com

Nov 13th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

As you are seeing from others, it really depends on what website you use. Often what consumers get is a "representative score". If you want to know, go to www.annualcreditreport.com and pay to get the scores from each of the three bureaus. Or let a reputable loan officer help you. I recently handled a refinance in Col and would be happy to work with you. pdumouchel@primelending.com or 843.619.6025 You might want to check out my blog "first steps" before you actually start the process, there are some good recommendations.

Nov 13th 2012
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John Jarvis (jjarvis)
#38 ranked lender in Colorado - 2 contributions

As everyone has already stated in depends on the site you retained the score from. I can help you with scores to 580 depending on the whole credit profile. Let me know if you would like to look at it. John Jarvis, 720-732-2705 , jjarvis@qwestoffice.net.

Nov 13th 2012
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Shaun Fischer (shaun.fischer@guaranteedrate.com)
#66 ranked lender in Illinois - 9 contributions

Those credit scores should be a good ballpark. A hard pull is always more accurate but if you have a good score via a website you should be ok to start the process to qualify for a loan.

Nov 13th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

They will be in the ballpark. If your scores are good from a web site they should be acceptable for the loan process. Good Luck!

Nov 13th 2012
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

You probably see a pretty signficant difference each industry has a different importance level on certain items which would effect your scores.

Nov 13th 2012
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