The score you are seeing as your regular Experian score is probably your EX FICO8. Mortgage lending uses old FICO versions: EX2, TU4, and EQ5. Mortgage rates are based upon your middle mortgage score, which will be the one of those three that is numerically in the middle. To advise you on how to raise your mortgage scores, we would need more information about your profile, e.g. what is your utilization, what derogs do you have, and do you have any open installment loans.
@Anonymous wrote:Hi all
Currently I have 3 cc (nfcu $2k limit, secure discover $200, capital one secured $500 limit) then I'm an AU for a citi cc that has a 10k limit. My score is really horrible right now and I'm wondering what I should do if I would like to raise my score high enough for favorable mortgage rates in the next 6 to 12 months .
Will a credit builder loan help? Is the score used for a mortgage different from a regular FICO score from Experian?
Thank you!
Excellent advise from above.
I would not recommend opening a new account if mortgage is in your future.
You may want to address any derogatory or delinquency that may be suppressing your scores.
