credit score

[kmccormick140]

Why is it when I look on creditkarma.com it shows my credit score at 584 but to look at each report separately they all show different scores no where near that? And what exactly is a vantage score

[ktm214]

It is what we call a FAKO score....Not a true FICO. You cannot go by it because no lender does. The Equifax score on here is the true score.

[dollar_bill]

Not exactly true... some creditors are using VANTAGE scores. Not sure about how many, if any, mortgage lenders are using it but I know in my case they used :

Fair Issac (Ver2) - Experian

Facta Beacon 5.0 - Equifax

FICO Classic 04 - Transunion

Every score was different, in my case it was all do to timing of the reports being updated but in some cases it could be because of different accounts being reported. Maybe you have a collection on one credit report but not on another. Things like that can have a large impact on score varience.

I'm not sure with a VANTAGE score below 600 if you are going to be able to qualify for a mortgage, I don't think so, but maybe one of the actual professionals can chime in to dispute that claim.

Good luck!

[kmccormick140]

My vantage score is not below 600 it is actually 644 the 584 is my overall credit score that credit karma gives me

[kmccormick140]

My transunion score is the 584

[dollar_bill]

The more moeny you can put down makes the lower score look a lot better to lender. If you can go into a loan with a lower than 80% LTV you'll have better chances.

Hopefully an actual loan officer type will post soon and give some real advice!

[kmccormick140]

It showed I was eligible for a USDA guaranteed housing loan so that's what I am hoping I can do I just don't know about all these different scores

[ezdriver]

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@kmccormick140 wrote:
It showed I was eligible for a USDA guaranteed housing loan so that's what I am hoping I can do I just don't know about all these different scores

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If you think that you are ready to buy a house, then find a local loan officer and have them pull your trimerge report and give you a copy. That is the only way that you will see what the mortgage lender will see. The loan officer should also review the credit report along with your income and assets to determine your eligibility for a mortgage and which one ... USDA, FHA or conventional.

All the best with your house hunting efforts.

[cakebuilder]

CK is not that accurate