What You Need To Know About Your Credit Score

So many consumers will pull their credit score online and when they go to apply for a mortgage they find out the score the bank pulled is different then what they got on the internet.  The reason for this is because most of the time when someone pulls their credit score online they are only getting it from one of the 3 credit bureaus.  Mortgage companies need to go off of the middle of the 3 credit scores.

The other reason it will differ is because of the different scoring models.  Most likely when you pull your credit score online it is with the Vantage scoring model which goes up to 950.  We as banks pull using the FICO scoring model which goes up to 850.  That is why it is so important to get pre-qualified in advance because there can be discrepancies between what you think your credit score is and what actually ends up being used which depending on the score could cost you thousands of dollars. 

For more information contact me and I will send you a handbook on what your creidit score means to you as a prospective buyer.