Hello, I am new to this forum. Ive been reading many great topics and hope someone can help me understand why my mortgage scores from Trans and Eq differ so much form my Experian . Looking to purchase my first home in a couple months. My financial adviser suggest having a 680 or above to get a better deal on my loan. I been slowly paying down all my CC, and I am currently at 44% total utilization on my 4 CC.
Thanks to the forums I was able to do a double dip on my discover card yesterday, request online for credit increase was approved for $300, I called representative and gave me another increase of $700, totally to $1000 increase in one day. Supper happy about that. So I am waiting to see what happens to my scores once its updated, bringing my utilization to 39% and hope I get the scores I need.
I just don't understand why mortgage score is off:
I check everything on my credit report everything is the same, the only thing I see different are my student loans are reported as closed on Experian while Trans and Eq are reported as open but in deferment. Could that be the cause of the score difference? (deferment will be coming off soon as on am going on repayment). Will that drop my Experian score once its off deferment?
Thanks in advance!
Tough to tell, but if the loans are the only difference I would say that is likely the reason for the score variance.
Regarding your utilization, you would not expect to see a score increase in going from 44% utilization to 39%. Thresholds exist at 28.9% and 48.9%; any movement within that range in terms of overall utilization would not result in a score increase unfortunately. You'll need to take it down below 28.9% to see a score bump, which would probably be around 15 points give or take.