@moneystinks wrote:I have to have to havev a change to my living situation in spring 2015, so I decided to go ahead and see if I could get a mortgage ... the lender pulled my credit scores and Transunion & Equifax were much higher than myfico (647 and 655 - myfico is 599 and 603). Experian was 575 lender pull and myfico is 604. I was so excited to see the difference, because I really didn't think it was possible. I don't know why the huge difference, but I'm not going to argue it at this time! Thanks to the information and the help here on the boards for bringing me up from a 450 in February to this now .... I've learned a lot, and applied a lot of learning. The way I view my finances has changed greatly and I'll never take credit lightly again.
Oh and just as an FYI, the lady told me to make sure that I kept my balances at 40% of the credit limits at the time the statement hit. I know here everyone says between 1-12% so I wanted to share that with you too. She also told me not to pay them off right now either as they were helping my credit scores with the balance.
Thanks for all the help! Home ownership is not just a pipe dream anymore it will be a reality in a couple of months!
Myfico uses Fico 08 scores the mortgage industry is still using Fico 04 scores thats the difference. I would be tossing that advice from the mortgage broker out the window that individual has no idea what they are talking about, do what that person said and you will lower your Fico, you never want to exceed 30% of an individual CL (reporting that is) and if you want the best possible scores for a mortgage pull you want all your revolvers paid off with the exception of 1 card reporting a balance between 1 and 9% of its individual CL. "Dont pay them off now" now that is downright laughable... If you have any closet CAs or JDBs they are now going to come out they always do with a mortgage pull since they know you cant close until you take care of them, its actually good you ran it now will give you time if need be to get everything in order for the real pull.
