Experian Advanced Risk Score - Lower is better???

[Anonymous]

I'm in the process of finding the right financing for my home purchase. One bank three FICO scores TU 680 EQ 684 EX 642 would use middle score of 680 but the bank I want doesn't use FICO - uses Experian National Risk Score - the lower the better. I have no idea now that translates. Experian website considers my score "medium risk" so I don't want to risk an inquiry and all this to have a score too low that I cannot predict. Anyone have experience with this??

[Legal_Girl]

Sorry, but I have no idea.  I certainly hope someone with a lot more knowledge in this area that me responds quickly for you..  I would love to know the answer to this one myself. Out of curiosity, is this bank a Nationally known bank or a regional bank??

[Anonymous]

It's a Savings and Loan - local bank.

[Anonymous]

Okay so on Freecreditreport.com I had a score of 647 and the big bank FICO Experian was 642. Today my Experian Rsick score pulled with this different scoring system from 0 to 1000 with lower being better put me at 126. The threshold for FAIR rating is 150 so I have average credit and okay credit wise for Pre-qualification for the mortgage. Just sharing how it correlated for me in the end.

[Legal_Girl]

Thank you for that information.  I had no clue anything existed like you described.  I keep checking your thread to see if anyone has given you any further info.  I know sometimes it is a week or so before I see answers to member's questions.

But from what I see in your most recent message, everything is good for you getting a mortage.. I am really glad to see that.

Best of luck.

[Anonymous]

Thanks. The reason I'd rather go this route was that the closing costs outside of deposit was a third of the big banks mortgages and the money was due at closing rather seasoning for three months after I had put all the money together AND PMI is optional. It's 10 per cent down but can close in 45 days. It may be something used more by smaller banks that underwrite their own loans and consider this a better predictor.

[Legal_Girl]

Sounds like that is the way to go.. Especially, with PMI being optional. What type of loam is this, out of curiosity??  I am going to apply towards the end of the year, but will more than likely go VA.  I am not a Veteran, but my husband died from a service connected disease and I am eligible.  With VA there would be no PMI and down payment is not reuired, but I would certainly put one down, as I don't want to buy a house and immediately be upside down.  But this one sounds just as good.  With the optional PMI I will guess it is not FHA and not conventional.  But regardless, I think this is a great way to go.  I am going to have to do some research on this and see who might have something similar here in northeast Florida.. 

Thank you for all the info and I know you will enjoy your new house!!!

This just goes to prove, I DO learn something new every day!!!