topic Re: Credit Score Question ..... in Rebuilding Your Credit

Credit Score Question .....

Anonymous — Mon, 09 Jun 2008 23:03:59 GMT

why / how could the 3 agencies differ so much and what is considered your score when applying for credit / mtg, etc?

Equifax has me listed at 556

Transunion at 644

Experian at 594

I realize none of these are good, but wondering why the big difference is which score is actually considered when applying for a loan / mtg?

Re: Credit Score Question .....

Anonymous — Mon, 09 Jun 2008 23:08:08 GMT

The account might show different things...the only way to check and see...would be to put all 3 side by side..and check...one might now have accounts...that the others are reporting...some things might be different...check and see...

Re: Credit Score Question .....

Anonymous — Mon, 09 Jun 2008 23:44:56 GMT

Thanks for the quick reply ........in this case, would they be using the middle score? Is the middle score always used in mtg loans?

Re: Credit Score Question .....

Anonymous — Mon, 09 Jun 2008 23:46:20 GMT

They use your middles score, they always check all three. They may want you to pay off any outstanding collections, but they will tell you that when you go to get approved.

Re: Credit Score Question .....

Anonymous — Mon, 09 Jun 2008 23:52:14 GMT

Hmmm.....I hope they don't want me to pay them off first. The only collections listed are medical collections .....right now they total around 6,000 due to issues I had with breast tumors / cancer. I wrote a letter of explanation, explaining my drop in insurance coverage .....meaning I had insurance but my work lowed the coverage amounts, etc and I was stuck with over 10,000 in medical bills of which I've been paying down.

Hmmm.......I hope that works. It would be nice to get in to a house while still paying things off and working on increasing my score.

Re: Credit Score Question .....

DustyStash — Tue, 10 Jun 2008 00:23:46 GMT

Each one of your scores is based on only the into in that particular bureaus report. The 3 bureaus almost NEVER all have the exact same info in them. Therefore almost all of us have 3 different scores. Your EQ may have 1 more collection account than your EX. Your TU may have 3 more showing than your EX. You may have a bankruptcy showing on 1 of the 3 but not the other. You may have credit card accounts showing on 2 but not all 3 ... they may have one balance on one bureau, and have a different balance on the other 2. Get the idea ?

If all 3 of your reports all had 100% thee exact same information .. then yes .. youd have 3 exact scores. But thats just not reality. I don't know of anyone whose ever had 3 of the same scores. Mortgage lenders usually run all 3 reports and take the average or middle score as the score to qualifiy you by. Yes they generally like you to pay your collection accounts, so they dont come back and bite the lender in the form of a judgment or lien on property. Often times, a lender will add some money into the loan to help you pay these collections at no upfront out of pocket expense. so check into that if needs be. Your Experian score is what the majority of them will look at when qualifying you. Best wishes

sparky