Credit Scores: Don't Waste Your Money

Did you cognize that your credit score that you purchase online is not the same credit score your mortgage loan officer gets?

You probably cognize that when you apply for a mortgage, your loan officer gets all three credit reporting agencies reports with three different scores. From your three credit scores, most mortgage companies utilize your center credit score to determine your credit worthiness.

Do you cognize that the credit score an auto dealer sees is not the same credit score your loan officer sees?

Imagine our surprise to happen out that my husband's credit score for buying my new car 1 afternoon was 50 points higher than his top credit score was earlier in the twenty-four hours when he refinanced an investing house. This happened because credit scores get computed differently for mortgages and auto loans!

If you believe that you have got a great credit score because you recently bought a new car, believe again. You may have got been told that your credit score was 700 by a finance company. Therefore, you believe that you have got the perfect credit score to purchase a house. Don't be surprised to hear from your loan officer that your credit score falls short of a premier rate mortgage loan.

You don't desire to have got your credit history checked too often. You make get a small punishment with a few points deducted when you have got too many enquiries on your credit report. However, when you're shopping for a car or a home loan, the credit reporting agencies batch your enquiries into one. In other words, you can name respective mortgage lenders to shop for the best terms and rates without losing points.

Don't blow your money purchasing your credit scores. These scores are not the 1s existent estate lenders get. Instead, get your credit scores FREE by calling a loan officer.

Copyright © Jeanette J. Fisher