Please help with score and mortgage..

[Anonymous]

Hello everyone..

I am in underwriting and I need a 720 for the best rate.My fico TU is 728 EQ is 711 and ex is 731 from experian website in which I believe is a score power report.Can anyone tell me if me experian will come in higher or lower if the lender pulls it.Thanks to all who can help me..

[MarineVietVet]

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@Anonymous wrote:

Hello everyone..

I am in underwriting and I need a 720 for the best rate.My fico TU is 728 EQ is 711 and ex is 731 from experian website in which I believe is a score power report.Can anyone tell me if me experian will come in higher or lower if the lender pulls it.Thanks to all who can help me..

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The score sold at the EX website is called a "PLUS" score and is not used by any lenders. The fact that it is close to your other scores is pure coincidence.

There is no way to know until an actual credit pull what your EX FICO will be.

[CreditBob]

The only way that you can find out is to ask the mortgage lender. When you applied for your mortgage loan they should have told you what your Experian score is. The common rule of thumb is that they will use the middle score. The will pull a 3 in 1 report & scores 2 different times. The first time is when you apply. The second time they will do another pull form all three credit bureaus is when you close.

There could possibly be some good news for you that would be in your favor. Ask your mortgage lender this, If the score goes up on the second credit pull right at closing, will I get the better rate? If they say yes, then there could be something that you can do. As far as your credit cards go, what are the current balances compared to what the line of credit is? For example if you have a credit card with a $ 1,000 credit limit & your balance is $ 300 or 30% utilization, then you can pay that card down to $ 89 or less & it could possibly bring your score up. The optimum range on each credit card account that you can have is 0-9% on each credit card. If it where me I would have the balance on each account no higher than 5% or $ 50 balance on a $ 1,000 credit limit. The utilization percentage counts not only on each credit card but he overall average on all revolving trade lines combined together.

[Anonymous]

Thank you for your response.. My util is 5% and my problem is that back in sept I applied for 4 credit cards and was approved for them all which was a big mistake did not think I was going to build a new home until next year but the builder gave us so many incentives so we couldn't pass up the offer since it's in the development I really like. I also don't think we will ever see interest rates this low again..so I don't want the lender to pull my experian  report until one more of my cc updates to a zero balance..i was just wondering if anyone knew what should I expect out of a 731 when a lender pulls it..

[boomhower]

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@Anonymous wrote:

Thank you for your response.. My util is 5% and my problem is that back in sept I applied for 4 credit cards and was approved for them all which was a big mistake did not think I was going to build a new home until next year but the builder gave us so many incentives so we couldn't pass up the offer since it's in the development I really like. I also don't think we will ever see interest rates this low again..so I don't want the lender to pull my experian  report until one more of my cc updates to a zero balance..i was just wondering if anyone knew what should I expect out of a 731 when a lender pulls it..

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There is just no way to know.  That 731 is a made up number.  It could be 831, 531, or 945836683 because they all mean the same thing; absolutely nothing.  It's a FAKO score and has no corelation on your actual FICO score at all.  If the information is the same on all three reports your EX score should be in tha same ballpark but can and will vary from you others. As long as all the info is the same it won't be anything drastic like 50 points lower.