We are looking to refinance our house soon. My husbands average fico score is 697 and his average credit score is 740. Why is this such a big difference and will the lenders use the fico score or the credit score?|||It depends on the lender. Every lender has different risk parameters. Back in the 90's, the bank I was with practically gave money away. If your FICO was 640 and the loan was under $150k, it was approved. They are not around anymore.|||Major lenders DO NOT look at the credit scores.
They will review all the reports in detail and make their own decisions.
They will only tell you the score if they turn you down - that way they don't have to explain everything in your credit reports to you.
When that happens people start arguing item by item.
A score is priceless when turning someone down - they tell it to the person - and they are done.
/|||hi ,
While I was looking for credit report, I found a web-site , that offers this service for free (no catches) .They also offer credit monitoring, anti fraud alert, and many more benefits.
Visit: http://CreditReportFrees.info and join free (no catches) .
hope that helps|||If I remember correctly, mortgage lenders look primarily at the FICO score.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment