credit reports in mortgage apps

granny031350 · ‎05-13-2008

I know they use the mid score. Today my scores are TU/631 Experian 614 and Equifax 642. (myfico) I am applying in August and will have more cc debt pared down which will help raise the scores. However my question is that my Experian report is the worst. They refuse to clean up anything and customer service is rude. All my bad stuff is discharged in my BK and so states on all my reports. Experian however has decided to report every late ever made along with the IIB listing. Both Equifax and TU do not do that at all.

So back to my question:

right now my mid score would be TU at 631. Will the LO look at only that report and pick it apart or will they look at all 3 knowing the only score that counts in the mid one?

Also B of A wants a 660 for no closing cost. Think if I pay down my cc debt I might be able to get it up there? I owe about 3000 out of 5500 in cc debt right now. Have been working on it and have it down already but know I have a longer way to go.

thx in advance all.

chartley3 · ‎05-13-2008

They will pull what they call a tri-merged report and will review each CRA when working on the mortgage. Before you app make sure you ask which company they use to get their report from. As I stated previously in another thread. Innovis is notorious for having stale TU data in there reports.

DallasLoanGuy · ‎05-13-2008

all three reports are used for qualifying. we throw out the top and bottom score and use the mid score just for pricing.

Retired Lender

DallasLoanGuy · ‎05-13-2008

chartley3 wrote:
They will pull what they call a tri-merged report and will review each CRA when working on the mortgage. Before you app make sure you ask which company they use to get their report from. As I stated previously in another thread. Innovis is notorious for having stale TU data in there reports.

dont worry about innovis.

lenders dont use their data

Retired Lender

granny031350 · ‎05-13-2008

well then as long as the accounts state IIB then it should be ok?

DallasLoanGuy · ‎05-13-2008

granny031350 wrote:
well then as long as the accounts state IIB then it should be ok?

Yep!

Retired Lender

Dgimple · ‎05-13-2008

BOA quoted you a 660 score for the no fee/closing cost mortgage? Last month when I spoke w/ a LO she told me the mid score needed to be 680. Yesterday the same LO told me they had moved that number up to 720. I wonder if BOA has different numbers for different areas of the country.