What credit rating (s) do realtors/creditors look for? FICO? Experian? all of the above?

Question

mine are about 80 points apart which I dont fully understand. Exp 650 (ugh) FICO 737

just curious. I will have a co-signor whose cred it excellent.

Answer 1

If you only have 2 scores reporting they will take the bottom score to ascertain the risk.

If all three report then the middle score is used

No you should qualify with that score assuming you meet the debt to income ratios.

I am a morttgage banker in TN & KY

Answer 2

realtors dont look at your credit, but mortgage brokers do. they will look at your fico score, which is just a number, and some or all of the bureaus, which gives them a detailed history. they will look at how much credit you have been issued, and compare it to how much credit you have used, they also look for the age of your accounts, the older the better, and the more available credit the better. they will look at delinquencies, and how far back they were, and look for open collections, so its best to pull your credit before applying for a large loan, to see if there is anything you need to take care of. You are entitled to a free annual report from each of three bureaus (experian, equifax, transunion), just go to www.annualcreditreport.org , this is a government website, you dont have to buy anything.

Answer 3

Each credit bureau uses it's own scoring formula on it's own data, so the scores are not comparable.

The mortgage people generally don't use your score to give you a loan or not.  They look at ability to pay and certain red flags in the report, like open judgments.  Once they decide to say "yes" they use the score to set the rate.

Answer 4

with a credit score of 600 you can buy a house, so between both of your scores I think you are good to qualify

Answer 5

Creditors do not LOOK for anything.  If your FICO score is

501 that is what it is.  The score determines how they treat

you.  I have had a FICO score of 750, a car dealer bent over

backward to have me sign a car loan.

When my score dropped to 620, they were not as willing to

offer me a great deal.  "They change their tune when I

paid $10,000 and finance the balance."

My point is:  A good FICO score results in more trust, just

like the dollar.