My understanding is that it depends on the specific lender. Different lenders use different methods of assessing your credit risk, i.e. some use the average of all 3 credit bureaus, some use the middle score, some use the lowest score; some even use just one specific credit bureau. I would ask your lender what they use. Also, typically the scores from the 3 bureaus are only about 20 points different, your differences are much higher. I would carefully comb through each report and make sure all the correct information is being reported on all 3 reports. I bet you'll find some differences. You should work on making sure all 3 credit reports are reporting the same information before you have them pulled by your mortgage lender.
There's a collection notice from 3yrs ago which Im disputing with two agencies reporting lower scores. Equifax(the highest) does not have that negative item listed thus the discrepancy.
I keep hearing that 700 seems to be a target for majority of lenders when mortgage shopping. Can someone attest to that? Ofcourse, remaining factors - job history, etc. are taken into consideration.
There's a collection notice from 3yrs ago which Im disputing with two agencies reporting lower scores. Equifax(the highest) does not have that negative item listed thus the discrepancy.
I keep hearing that 700 seems to be a target for majority of lenders when mortgage shopping. Can someone attest to that? Ofcourse, remaining factors - job history, etc. are taken into consideration.
Ususally 620 puts you in the prime lending where mortages are concerned. Above 720-740 somtimes allowsyou to walk in the door and walk out with your loan without going through the pain of income verification
Mortgage lenders always use the 'middle' score. The pull all 3 bureaus/all 3 scores and will always use the 'one in the middle'. The will use your 705. Way to go....you'll get an awesome rate and great terms. Zero down too.....
