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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