Mid Score Question

[jzamarripa3220]

Hi y’all. So I’m curious since lenders use an applicants mid score to determine credit worthiness for a mortgage loan, do lenders look at all three credit reports with a fine tooth comb? Or do they run a credit check, see which report has the mid score, and then take a closer look at said report? My eq has two negatives that my other two reports do not. One of those negatives is scheduled to fall off in 2022 the other i am hoping to get lucky on some goodwill. I am in no rush in home buying as Im living with family and paying minimal in rent. Thanks in advanced for all helpfulness.

[Girlzilla88]

Not sure if they 'Fine Comb it' but I know my person pulled all three and literally went with the middle....If it is a certain score they may look through the middle score to see why it is what it is but when he told me this is what he pulled I told him that is EXACTLY what I saw on my Mortgage Score (the middle)

[chiefone4u]

I don't know if all banks use a fine tooth comb... our loan officer gave us suggestions of what we could do that might raise the score on the other reports, possibly raising our middle score. We opted not to use suggestions because the forecast didn't show enough gain to change the interest rate of the loan.

[JGGM]

I think they look at the data on all three reports. I had to write of letter of explanation about an address I never lived at and a mis-spelling of my name. The two items were off two different bureaus. 

[VALoanMaster]

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@jzamarripa3220 wrote:
Hi y’all. So I’m curious since lenders use an applicants mid score to determine credit worthiness for a mortgage loan, do lenders look at all three credit reports with a fine tooth comb? Or do they run a credit check, see which report has the mid score, and then take a closer look at said report? My eq has two negatives that my other two reports do not. One of those negatives is scheduled to fall off in 2022 the other i am hoping to get lucky on some goodwill. I am in no rush in home buying as Im living with family and paying minimal in rent. Thanks in advanced for all helpfulness.

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Hi jzamarripa3220,

Good question.

The best way to explain it is this. Your credit score gets your foot in the door but what's "on" your credit report will determine whether or not you qualify.

In other words, you could meet the minimum credit score requirement & not be eligible for a mortgage due to what's in your credit history.

All 3 credit bureaus will be reviewed.

[OkieFans2011]

Are they looking at what has gone on with your credit more than 12 months ago? 

[jzamarripa3220]

Thanks for the heads up. I pulled my equifax mortgage score from this website to see where i stand and it’s at 757 😃. I wonder if my negative trade lines are miscategorized.

[jzamarripa3220]

@okiefan
Creditors are looking at your entire credit history. Negative trade lines will report for up to seven years and positive trade lines will report for ten years. I don’t remember if it’s the same for bankruptcies. That’s one of the reasons why i asked if all the reports would come into question or just one.

[Anonymous]

They look at everything on all three reports. Heck, I had an old charge off only reporting on one bureau, it fell off a couple of months ago, and they STILL say I may have to pay it because it was on the first report they pulled (naturally fell off after 7 years now).