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Score vs Report

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EaglesFan2006
Established Contributor

Score vs Report

This might seem vague, but what do lenders value more...your score or the items on your report?  For example, a general mortgate rule of thumb has been 620.  Are they looking only at your score, or can they find a score of 650 and see something in your report that disqualifies you?  What about other lenders like credit cards, landlords, etc...I'm just curious and really trying to figure things out. 

Message 1 of 4
3 REPLIES 3
jdxprs1
Frequent Contributor

Re: Score vs Report

it depends on the lender. it also depends on your favorite football team. for instance, eagles fans usually get declined no matter what.

Last app 1/2/2017.
In the garden until at least 6/2/2017.
Message 2 of 4
diveforfun97
Frequent Contributor

Re: Score vs Report

HAHAHHAHA that was classic!  I cant talk smack though as I am a Bills fan.  But to answer you question a little.  As said before it depends on your lender, but if you have a score of 650 but one of their guidelines is no lates in the last 12 months you MAY have some difficulty, and might have to write a explaination letter.  Also the type of credit that you are applying for plays a role in all of this.  i hope this helps.  GO BUFFALO!

Starting Score: Sep 23, 2014 EQ 577 TU 583 EX 567
Current Score as of 6/28/17 EQ 628 TU 643 EX 625
Goal Score: 700
Message 3 of 4
stan_the_man
Established Contributor

Re: Score vs Report

Also, if you have any unpaid COs or collection accounts you will most likely need to pay them off before you meet the lender's underwriting standards.

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