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Ok guys...maybe someone out there can help me out. I got a hit from Equifax in the positive for 3 points. Here is the problem; it shows the additional 3 points added to my credit score but in the details it says the following:
Details:
Interest Rate
4.382% on 30 Year Mortgage
I plan of buying a house in the very near future but I haven't inquired about it. I called Equifax and they stated that there is no "mortgage" on my Equifax credit bureau. So what gives. Anyone knows what this means? I do apologize if this is in the wrong place. Thank you in advance.
MJH
If you're using MyFICO, there's an "alert" setting that says "notify me when I qualify for different interest rates on mortgages" or something to that effect.
This was posted in "Credit Cards"... you'll likely get more input on your topic in another forum, probably General Credit Topics or Understanding FICO Scoring.
I'll request a moderator to relocate the thread for you.
Thanks.
@Anonymous wrote:Ok guys...maybe someone out there can help me out. I got a hit from Equifax in the positive for 3 points. Here is the problem; it shows the additional 3 points added to my credit score but in the details it says the following:
Details:
Interest Rate
4.382% on 30 Year Mortgage
I plan of buying a house in the very near future but I haven't inquired about it. I called Equifax and they stated that there is no "mortgage" on my Equifax credit bureau. So what gives. Anyone knows what this means? I do apologize if this is in the wrong place. Thank you in advance.
MJH
You're misunderstanding the alert... but it's not just you - the way they present those notes seems to confuse people every day.
Your score was updated due to a triggering event (balance change, etc).
MyFICO then interpreted the change in score as one that crossed a possible tier threshold for a mortage, and reported the (possible) results if you were to apply for said loan today, with that score. (Never mind that the FICO 8 being reported there isn't actually used for mortages...)
It's not a new loan appearing.
It's just MyFICO alerting being unnecessarily confusing.