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New Contributor
Posts: 56
Registered: ‎07-05-2007
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Mortgage Broker Said The Score They Use Is...

As my wife and I are cleaning up our credit to do some real estate investing, I've been in contact with a couple of mortgage brokers.  I was told the following:
 
1) CAR DEALERS - Use the highest score out of EX, EQ, and TU.
 
2) MORTGAGE BROKERS - Use the median score out of EX, EQ, and TU. So with my scores at EX 675, EQ 531, and TU 665, they would use my TU score as the basis of granting a mortgage, since it's the one in the middle of the range.
 
Has anyone else heard this in regards to buying real estate?
 
Good luck to all,
 
FICOnater2007 
Established Member
Posts: 17
Registered: ‎04-06-2007
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Re: Mortgage Broker Said The Score They Use Is...

Yes, my realtor also said that the median score is used.
Regular Contributor
Posts: 165
Registered: ‎03-13-2007
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Re: Mortgage Broker Said The Score They Use Is...

Yes on the mortgage score; I don't know on the car dealers.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Mortgage Broker Said The Score They Use Is...

Yep on the mortgage.. and usually auto lenders only pull one CRA, but if they pulled three I would hope the higher number (or at least the median) would be used.
New Member
Posts: 1
Registered: ‎07-14-2007
0

Re: Mortgage Broker Said The Score They Use Is...

Mortgage do use the average of the 3 scores.  Car dealers vary.  On a recent car purchase of mine the only report pulled and used was Experian.
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