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Which Credit Score Do Mortgage Lenders Actually Use?
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Which Credit Score Do Mortgage Lenders Actually Use?

Understanding Mortgage Credit Scores: What You Need to Know

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Quick Facts About Mortgage Credit Scores

  • Banks use older FICO models for mortgages
  • They look at scores from all 3 bureaus
  • They use the middle score, not the average
  • Different from regular credit card scores

The Exact Models Used

  • Experian: FICO 02
  • TransUnion: FICO 04
  • Equifax: FICO Beacon 5 (same as FICO V5)

How They Pick Your Score

Let's say your scores are:

  • TransUnion: 725
  • Experian: 756
  • Equifax: 689

They'll use 725 (the middle score, not the highest or lowest)

Where to Check Your Mortgage Scores

MyFICO

  • Most accurate source
  • Shows all 3 bureaus
  • Pricing:
    • Basic: $19.95/month (just Experian)
    • Advanced: $29.95/month (all 3 bureaus, updated quarterly)
    • Premier: $39.95/month (all 3 bureaus, monthly updates)

Experian

  • Shows only Experian mortgage score
  • $24.99/month (7-day free trial)
  • Daily Experian updates
  • Other bureaus update monthly

Extra Credit

  • Shows all 3 bureaus
  • $24.99/month (7-day free trial)
  • Updates every 30 days
  • Pretty accurate scores

Quick FAQs

  • Can you get free mortgage scores? Extra Credit offers a 30-day trial
  • Making two payments monthly won't build credit faster
  • Yes, you can apply for credit cards right after closing your mortgage

Remember: Regular credit scores you see elsewhere often aren't the same as what mortgage lenders use. These older FICO models are specifically for mortgages.

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