We are looking to buy a house soon. I received notice from myfico.com that my score had increased 65 points!!! Not sure why unless some stuff fell off. Anyway, my new score is 667 so I asked my mortgage guy to take a look to see if we could get approved for 100% financing. He said that he's not showing that score at all, but closer to 600 - 615 for all three scores. I don't understand why I see it on fico.com but he can't see it. Any explanation?
I understand that a person has three very different scores, but he's not showing the 667 at all on any of them.
2007-08-24 03:26:24 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
I actually thought it would take a day or two to get into the system and offered that as a suggestion. Don't know what good it will do. I may wait until Monday and ask him to check it again.
2007-08-24 04:05:40 · update #1
credit score increases are done INSTANTLY.
everyone will receive an impact.
the problem is that he's probably using a different scoring model...normally OLDER. if you go to myfico they will have the new scoring models that will show an accurate score.
for example...he can be using windows xp scoring model..and it might still say 615.
you might be using windows vista...and that's why it's higher.
every lender has a different scoring model.
2007-08-24 04:13:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I believe that mortgage brokers use a combination of all three credit bureau scores and use the lowest or mid.
Your credit score can go up and down every day. If you have the broker pull another report, your score takes a hit.
Even at 667, that just might not be enough for 100% financing. Things have changed and mortgage brokers are a lot more conservative now.
2007-08-24 04:15:12 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
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2007-08-26 05:31:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I'd wait a few days. As with anything big stored electronically, it's not just in one place. Your mortgage guy likely pulled an old copy of your report, because from where he pulled it from wasn't an updated source. It probably takes a few days for the master report to be transferred to all the different systems that could possibly view/send it.
2007-08-24 03:36:33 · answer #4 · answered by It's the hair 5 · 1⤊ 1⤋
its up and down Sarah , may be the only good choice now as you said is to wait lets say for a nother week , if you need more specific technical tips about fico and scores you may go to Only Best Deals , sorry i cant post the site here so follow me to reach there okey open google now and type this phrase as it is :
ways to impove my credit rating
now in search results you will find in fifth line a site called Only Best Deals open it and you are there how ever please note if you didnt find exactly what you are looking for simply use the top search box which must lead you directly to your answers and tips , well good luck Sarah
I hope this help you
2007-08-24 04:26:25 · answer #5 · answered by Anonymous · 0⤊ 1⤋
I believe the answer you're looking for can be found on this site. They've got lots of info about the subject.
2007-08-24 15:44:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋