FICO Credit Scores
Posted 27 December 2004 - 10:33 PM
Posted 28 December 2004 - 11:41 AM
I am a credit analyst at a small commercial bank and I own two properties (my home and an investment property) so I have some experience in not only the mortgage process, but in commercial credit analysis.
When I asked about this, he told be the credit bureaus issue "consumer" scores which are higher than the scores that are reported to mortgage brokers. Is this true?
My answer to this is no. I have had my broker fax me copies of credit reports he obtains for me and they are the same as the ones I obtained myself. You should ask the broker for a copy of your credit report and should match this up with what you obtained from the three credit bureaus and find out why they are different. If your score is significantly lower on one report, there is probable something "dragging it down" and whatever this is, you should work on resolving it.
Also, how can I keep track of my score without putting too many inquiries on my credit report and ultimately lowering my score?
Because of the new fair reporting act, you are allowed to obtain one free credit report per year. Visit the following link http://www.ftc.gov/bcp/conline/pubs/credit...freereports.htm for details.
Most people overestimate how much inquiries lower their score; multiple inquiries during a twelve month period will hurt your score somewhat, but a limited number of inquiries within a 12 month period will hurt your score very little if at all.
Posted 28 December 2004 - 02:08 PM
You might want to take a look at Creditboards.com That is a site that is frequented by people with bad credit history seeing what other people have gone through might give you an insight as to how to approach your credit.
I agree that inquiries do not hurt all that much, and your own inquiries do not hurt at all. Being past due or having a high percentage of credit utilization are the usual culprits.
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