Mummichog

Another Credit Score Quuestion

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21 posts in this topic

So, my credit card gives me weekly credit scores and I also have a Credit Karma account.  Credit Karma gives two scores and my credit card matches one of the Credit Karma scores.  How closely do either of these scoring systems match what a mortgage bank would use?  For the purpose of refinancing my house.

 

Transunion =  696

Equifax =  727

 

The last time a mortgage guy ran my credit, he got a number that was quite a bit higher than the Transunion number.  But, I don't want another hard pull until I'm sure it's high enough to re-fi at a good rate.  

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33 mins ago, Mummichog said:

So, my credit card gives me weekly credit scores and I also have a Credit Karma account.  Credit Karma gives two scores and my credit card matches one of the Credit Karma scores.  How closely do either of these scoring systems match what a mortgage bank would use?  For the purpose of refinancing my house.

 

Transunion =  696

Equifax =  727

 

The last time a mortgage guy ran my credit, he got a number that was quite a bit higher than the Transunion number.  But, I don't want another hard pull until I'm sure it's high enough to re-fi at a good rate.  

Just ask the mortgage guy/bank what credit group they use to pull credit no..?

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4 mins ago, CrashHard23 said:

Just ask the mortgage guy/bank what credit group they use to pull credit no..?

I don’t think they use either.  Maybe FICO?  But these are the only two that I have access to.  If they told me they use a certain one, I wouldn’t be able to check it.  

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All three of your reports can be all different because they are 3 separate independent companies. When you pull your own score and reports, it doesn't count as a hard pull so it doesn't hurt your score a bit. 

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12 mins ago, hobobob said:

All three of your reports can be all different because they are 3 separate independent companies. When you pull your own score and reports, it doesn't count as a hard pull so it doesn't hurt your score a bit. 

Correct.  But, when the mortgage guy does, it does hit it.

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When your credit is pulled for a mortgage it should hurt your credit.

 

As for your scores when your credit is pulled for a mortgage the get three scores and the middle score is the one they use, when your credit is pulled you can also ask the person who pulled it to get a credit repair report and it will tell you what you need to do to raise your credit.

PM me if you have any questions I am in the mortgage business.

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19 mins ago, Quonnie said:

When your credit is pulled for a mortgage it should hurt your credit.

 

As for your scores when your credit is pulled for a mortgage the get three scores and the middle score is the one they use, when your credit is pulled you can also ask the person who pulled it to get a credit repair report and it will tell you what you need to do to raise your credit.

PM me if you have any questions I am in the mortgage business.

So, Credit Karma gives you two.  The bank uses the middle of three.  I wish I knew what the 3rd one was.  

 

I guess the question is, are Transunion and Equifax close to what someone’s actual score is?  Is one closer than the other?

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11 mins ago, Mummichog said:

So, Credit Karma gives you two.  The bank uses the middle of three.  I wish I knew what the 3rd one was.  

 

I guess the question is, are Transunion and Equifax close to what someone’s actual score is?  Is one closer than the other?

did you google 3 credit scores?  

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43 mins ago, Mummichog said:

Ask the teller?

Really...never been in a bank before? They have folks that deal with what you are asking. Start with a “teller” and they can direct you. But be assured they will tell you what they do which may not be what anyone tells you here. You don’t like it go somewhere else. Easy Peasy.  Sooner or later you will realize what the story is. Does not cost you a thing to ask.

Edited by jimmy1956

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2 hours ago, Mummichog said:

So, my credit card gives me weekly credit scores and I also have a Credit Karma account.  Credit Karma gives two scores and my credit card matches one of the Credit Karma scores.  How closely do either of these scoring systems match what a mortgage bank would use?  For the purpose of refinancing my house.

 

Transunion =  696

Equifax =  727

 

The last time a mortgage guy ran my credit, he got a number that was quite a bit higher than the Transunion number.  But, I don't want another hard pull until I'm sure it's high enough to re-fi at a good rate.  

There are 3 Trans Union, Equifax and Experian.  Most secondary market lenders will pull all three and take the middle score.  So you want Experian to be higher than Transunion for sure. 

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