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alldredget
Posts: 2
Registered: ‎08-19-2007
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Is there a weighted average of all 3 scores companies use?

Hello All, I am trying to clean up my credit and I was told I need at least a 620 to qualify for a mortgage. Well that is all fine and good, but do they generally refer to a single credit agency, or is it some sort of an average of all 3. Obviously different institutions may look work differently, but on average, for a mortgage, do companies just use whichever of the 3 bureau's score is the highest or do they take an average or do they generally just look at the same agency's score regardless of client's situation, my current scores are TU - 538, EXP 508, EQ 622. So with Equifax I would be all set, but not with the other two, and advice on this or how this usually works?
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HouseHunter
Posts: 351
Registered: ‎04-02-2007
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Re: Is there a weighted average of all 3 scores companies use?

Mine was pulled twice and they both used the middle score to determine the interest rate.  I was quoted the same rate by both lenders.
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Tuscani
Posts: 6,182
Registered: ‎03-29-2007
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Re: Is there a weighted average of all 3 scores companies use?

Generally no unless it is a mortgage.
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Joe77
Posts: 218
Registered: ‎07-29-2007
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Re: Is there a weighted average of all 3 scores companies use?



alldredget wrote:
Hello All, I am trying to clean up my credit and I was told I need at least a 620 to qualify for a mortgage. Well that is all fine and good, but do they generally refer to a single credit agency, or is it some sort of an average of all 3. Obviously different institutions may look work differently, but on average, for a mortgage, do companies just use whichever of the 3 bureau's score is the highest or do they take an average or do they generally just look at the same agency's score regardless of client's situation, my current scores are TU - 538, EXP 508, EQ 622. So with Equifax I would be all set, but not with the other two, and advice on this or how this usually works?

Keep EQ up, and get one of the other two to 620 - they take the middle of three.
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