3 Keys to Credit Reports and Home Loans

I would say the top three things to remember when monitoring your credit score or having your credit score pulled is some of the self-monitoring that's used today is actually a different credit score calculation.

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So when a lender pulls your credit report, most of the models used today in our industry are going to be about 20 to 30 points less, unfortunately.

The second thing to remember is we pull all three bureaus and typically if you have three credit scores, the middle credit score is what's used to qualify.

So we'll look at all three of those and figure out what's the best way to get the middle credit score the highest and help you in that situation. It's really important that we don't tell a client "no."

That doesn't mean that we can do every loan that comes our way, but instead of saying no, maybe not now. 

And here's what you can do to get to the level that you need regarding your credit score. And probably the most important thing to remember too is before you go paying off anything, talk to an advisor, someone like us, so that we'll analyze the credit report and make sure you're not taking the wrong actions. 

That's super important because if you pay off let's say an old collection that hasn't been reported in years because you thought it would help your credit score, it actually could hurt your score because the update the account to show it to be more recent and that will have a more drastic impact on your credit score. 

So we're happy to help. If there's anything that you have questions on, feel free to reach out to me from my team seven days a week, and if you're watching us on Youtube, please subscribe.