bushwacked Posted June 21, 2006 Share Posted June 21, 2006 FICA or the newer VantageScore? I just took advantage of my free credit report and noticed an error as it looks like they are counting my mortgage as an unsecured loan... Anyway I paid Experian a few extra bucks to give me my credit score and they only gave me a VantageScore and not a FICA score..... Looking at moving in the next 0.5 years and I am totally confused about what score(s) the lenders are going to be looking at... Thanks in advance. Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted June 21, 2006 Share Posted June 21, 2006 FICA or the newer VantageScore? I just took advantage of my free credit report and noticed an error as it looks like they are counting my mortgage as an unsecured loan... Anyway I paid Experian a few extra bucks to give me my credit score and they only gave me a VantageScore and not a FICA score..... Looking at moving in the next 0.5 years and I am totally confused about what score(s) the lenders are going to be looking at... Thanks in advance. We don't look at the VantageScore we look at the scores of the three bureaus... FICO is what we go by... Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted June 21, 2006 Share Posted June 21, 2006 We don't look at the VantageScore we look at the scores of the three bureaus... FICO is what we go by... +1 Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 21, 2006 Share Posted June 21, 2006 I just paid Experian a couple of months ago $6.95 and they gave me the FICO. Never heard of the other one. Don't know what an excellent score is but supposedly the U.S. average is 678. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted June 21, 2006 Share Posted June 21, 2006 Wasn't there something the government did a year or so back that is supposed to let you check your credit score for free, without having to give someone your credit card numer? Quote Link to comment Share on other sites More sharing options...
wiegie Posted June 21, 2006 Share Posted June 21, 2006 Wasn't there something the government did a year or so back that is supposed to let you check your credit score for free, without having to give someone your credit card numer? I think you can get your credit report for free, but this report only contains your credit information, but NOT your FICO score. Try the website www.myfico.com Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 21, 2006 Share Posted June 21, 2006 Wasn't there something the government did a year or so back that is supposed to let you check your credit score for free, without having to give someone your credit card numer? That's what we used. They are required to give you a copy of the report, but if you want the score, they can charge you Quote Link to comment Share on other sites More sharing options...
bushwacked Posted June 21, 2006 Author Share Posted June 21, 2006 Wasn't there something the government did a year or so back that is supposed to let you check your credit score for free, without having to give someone your credit card numer? You can get a credit report for free every 12 months.....which apparently does not include your credit score. So, when lenders get the FICO scores do they usually average all three, take the middle, or what? Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted June 21, 2006 Share Posted June 21, 2006 You can get a credit report for free every 12 months.....which apparently does not include your credit score. So, when lenders get the FICO scores do they usually average all three, take the middle, or what? Middle of the three or lowest if you only have two Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted June 21, 2006 Share Posted June 21, 2006 You can get a credit report for free every 12 months.....which apparently does not include your credit score. So, when lenders get the FICO scores do they usually average all three, take the middle, or what? Usually the middle score, but some underwriting engines and investors take an average of the three scores. Quote Link to comment Share on other sites More sharing options...
TimC Posted June 21, 2006 Share Posted June 21, 2006 You can get a credit report for free every 12 months.....which apparently does not include your credit score. So, when lenders get the FICO scores do they usually average all three, take the middle, or what? Mine averaged...but there was only like 30 points difference between the 3 so it really didn't matter much. I'd guess if there was some massive difference between one to the next, you'd have to explain it. Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 21, 2006 Share Posted June 21, 2006 Okay mortgage guys, what's considered a very good score where you can get the best rates, etc. Quote Link to comment Share on other sites More sharing options...
Gonkis Posted June 21, 2006 Share Posted June 21, 2006 Okay mortgage guys, what's considered a very good score where you can get the best rates, etc. 720 is my guess, as I just finished home equity loan work and that seemed to be the bogey. Quote Link to comment Share on other sites More sharing options...
TimC Posted June 21, 2006 Share Posted June 21, 2006 Mine was 780-810 and they'd give me too much (way more than I could afford). You gotta be careful nowadays as opposed to last time I was mortgage shopping in '94...it looks like they don't mind breaking people today to give you what you want. In the past, it was something like 28-33% only and now they get creative to give you way more house than most can probably realistically afford. Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted June 21, 2006 Share Posted June 21, 2006 720 is my guess, as I just finished home equity loan work and that seemed to be the bogey. 720 and up and you are good... you should have at least a 680 to get the good rates depending on the program... Quote Link to comment Share on other sites More sharing options...
bushwacked Posted June 21, 2006 Author Share Posted June 21, 2006 Cool thanks! Quote Link to comment Share on other sites More sharing options...
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