Can I give my bank my Fico scores?

[DR527]

Can I give the bank my Fico scores and report for them to give me a rough idea of watch I’m looking at.We are planning to try for a mortgage end of August. But could a loan office assess us from our Fico report without a hard pull?

[ShanetheMortgageMan]

Yup, certainly you can provide it to them in order to get their opinion on if you'll qualify or not.  However, not all loan officers know how to review a myFICO report since it's in a different format, so if you get some "no's" don't get discouraged from continuing to ask or even offering to help go over it with the loan officer.

[Fico82]

I did this 2 weeks ago and 2 out of 3 places were able to help me and give me there best opinions on what they thought I qualify for etc. One lady was very impressed that I actually knew a thing or two.

[DR527]

I was told today that I can not use my FICO report. They have done similar things in the past it it has only lead to problems. I plan on asking 1 or 2 other places. We are looking to build a home. And the Realtor referred us to the guy I spoke to. He seems really nice and knowledgeable. But I think i'll keep my options open.

[JVille]

Knowledgeable is the single most important thing in a lender. The fact that your Realtor also recommended him tells me he’s likely a Lender known for getting deals closed. You need to take a second look at this Lender.

[pgtackle2003]

I could only see this leading to problems if the scores he was given were in fact NOT myFico mortgage scores. I did this exact same thing with my lender using myFico mortgage scores about 6 months ago. I gave him my scores I pulled, he then gave me estimations of rates, loan fees etc based on those scores. When I officially applied, the loan terms I was given matched exactly to the estimate. So I know this can be done by a good lender.

Good Luck!

[DR527]

He made it seem as if in the past, they would have done it. But it had caused a lot of troubles so now they jut tell everyone no.

[JVille]

I would say any lender would speak to you generally based on your in hand report. BUT what they won’t do is give you an official Pre-Qual letter based on that report.

[MauiMan85297]

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@JVille wrote:
I would say any lender would speak to you generally based on your in hand report. BUT what they won’t do is give you an official Pre-Qual letter based on that report.

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I concur, I would give any client a full run down on cost/payments and rate based on a score they showed to me or verbally gave me and if they liked the figures presented then I would then run credit and if the same or close then we can proceed with loan that was shown to them.  Would never and could never give them a pre-qual letter without a HP.

[webhopper]

The mortgage company I went with was able to confirm that they use the mortgage FICO scores, I pulled them from here. They said for their construction loans 640 was the magic number. My middle score was 645. Got the approval to build today!

They did actually have to pull the reports but once I confirmed which scores they pulled I just went for it. They will pull again before closing so no new credit is allowed and no inquiries. The home will take 12 months to build