First time buyer

[Anonymous]

Hi there,

I’ve been working on restoring my credit for about a year now after a messy divorce. My Fico 8 scores are 605, 597, 590 and I’d really like to buy a house. I know there is another credit model that the mortgage lenders use. Is there a way that I can estimate these with out pulling my scores? Where would I find these scores if I do pull reports? I know I need a 580 mid score for FHA and I must be close.

[NC_Mtg_Loaner]

Typically, it only takes 2-3 accounts open and actively reporting your on time payment history and management for 3-6 months to really make some progress unless you have > average issues from the past.  

Most lenders can originate FHA loans for consumers with 580+ credit score so you might actually be eligible now and you'd surely benefit from an "hour of power" meeting with a trusted loan officer of a friend or enemy, so don't be shy and check it out. 

If you are not immediately eligible (keep looking) but keep working to improve your standing for the future.   Tough times don't last, tough people do.

[AllZero]

Mortgage model are:
Experian FICO 2
Transunion FICO 4
Equifax FICO 5

Creditchecktotal.com (part of Experian) for $1. Cancel online in 7 days or less to avoid reoccurring charge. You'll get 3B Fico 8s plus Experian FICO 2.

You can also become a member with DCU. Get the savings account for free monthly EQ FICO 5.

[CreditInspired]

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@NC_Mtg_Loaner wrote:

Typically, it only takes 2-3 accounts open and actively reporting your on time payment history and management for 3-6 months to really make some progress unless you have > average issues from the past.  

Most lenders can originate FHA loans for consumers with 580+ credit score so you might actually be eligible now and you'd surely benefit from an "hour of power" meeting with a trusted loan officer of a friend or enemy, so don't be shy and check it out. 

If you are not immediately eligible (keep looking) but keep working to improve your standing for the future.   Tough times don't last, tough people do.

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I like this. I’ll have to remember it.