There are lots of places on the internet to learn your credit score. But if you’re planning to purchase a new home, these online scores don’t tell the whole story. A consumer score is meant to be educational. All information is the same that will be found on a mortgage report, but the weight given in scoring is completely different. The idea is that the consumer can see how they compare to national averages and can catch errors. Mortgage scores are based on FICO Scores, which have many different versions and the newest model is rarely used right away in the industry.
Generally speaking, myfico.com is the only source to get your true “mortgage” scores. Of the FICO scores, there are different types of scores used by auto lenders, credit card companies, and mortgage companies.
- FICO Credit can range from no credit to scores between 300 and 850
- 750+ is considered excellent credit
- There are 3 Bureaus who report credit that all banks use to determine credit worthiness. They are: Experian, Equifax, and Transunion.
- However, the types of free online scores most consumers see are actually different than what a lender uses.
Need help getting ready to apply for a pre-approval or mortgage? Contact one of our S.M.A.R.T. Mortgage Specialists today.