Credit Score Repair

What Credit Score Do Mortgage Lenders Use?

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What Credit Score Do Mortgage Lenders Use? – Most Popular?

When you’re ready to buy a house you’ll want to know what credit score do mortgage lenders use and if yours is on the up and up. Let’s take a closer look so you’ll have your ducks in a row ready to go! *Timeline & More Info Below*
#CreditScoreToBuyAHouse

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In practice, I share with my clients to simply #JTAB = Just Take a Breath it’ll be alright as we move forward together. Remember, FEAR = False Evidence Appearing Real. What’s the best way to replace FEAR? With knowledge and you’re doing that right now. Kudos!

What you’ll learn:
1. Which credit score is used most by lenders!
2. What is a good credit score!
3. Do you need a credit score to buy a house?

NOTE: To adjust video speed for your listening/ viewing pleasure, please use the settings icon on the bottom right of your screen. It looks like a gear. =)

Timeline:
1. 1:02 – There are 3 main credit reporting bureaus!

2. 2:00 – How important is a credit score to buy a house?

3. 3:38 – What does your middle numeric credit score mean to a mortgage lender?

4. 5:16 – The mortgage lender is highly likely to use the credit score for mortgage based on what’s called an RMCR credit report.
RMCR = Residential Mortgage Credit Report aka a Tri-Merge Credit Report or and 3-Bureau Credit Report.

Thank you for watching! =)

Enjoy an amazing day!
Andrew Finney
Trusted Real Estate Advisor, USMC Veteran
License S.0173260
Andrew@AndrewFinneyTeam.com
#AndrewFinney

Andrew Finney Team
King Realty Group, Inc.
6955 North Durango Drive Suite 1004
Las Vegas, NV 89149

Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with King Realty Group in Las Vegas, NV.

Andrew’s videos are his own and do not necessarily represent the views and/ or opinions of KRG.

The purpose of Andrew’s videos are to educate you and help you make sense of the real estate process. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professional for further counsel about your own unique situation.

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15 Comments

  1. DragoChronicSmoker42
    July 16, 2021 at 6:33 pm

    I found MY credit score on transfusion and Equifax but for some reason it is not showing up for the fico one, where is it?

  2. shakerra saunders
    July 16, 2021 at 6:33 pm

    what middle numbers are you referring to ?

  3. Annabeth Hollie Griffith
    July 16, 2021 at 6:33 pm

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  4. chris whynder
    July 16, 2021 at 6:33 pm

    thanks been looking for a videos on this

  5. Sachin Kumar
    July 16, 2021 at 6:33 pm

    Sir please answer my question. I am a single applicant and 2 of credit reports shows score of 594 and 3rd shows it 581. Kindly tell which score are they going to consider?

  6. kate smith
    July 16, 2021 at 6:33 pm

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  7. Sophia Acker
    July 16, 2021 at 6:33 pm

    The best,smartest and fastest way to improve your score is through the expertise of Data scientist and revo hacker called SolutionX.  He's a elite credit agent. Well ,help yourself. If you want to qualify to buy a home quick,own a car and clear negatives,derogatory marks and hard inquiries on your report. Mail him at ( fixxhackxspy@ gmail ● com ) it is a very fast service and effective yield results within short period of time, cheap service fee and untraceable clean job done by him…pay conscious effort to help yourself as ignoring your credit score wont help at all. He got me up to 822 and boosted my credit line to 200k and this is like a vote of thanks too. I'm forever grateful,anyone who is interested can contact SolutionX too and remember to thank me later

  8. Sophia Acker
    July 16, 2021 at 6:33 pm

    The best,smartest and fastest way to improve your score is through the expertise of Data scientist and revo hacker called SolutionX.  He's a elite credit agent. Well ,help yourself. If you want to qualify to buy a home quick,own a car and clear negatives,derogatory marks and hard inquiries on your report. Mail him at ( fixxhackxspy@ gmail ● com ) it is a very fast service and effective yield results within short period of time, cheap service fee and untraceable clean job done by him…pay conscious effort to help yourself as ignoring your credit score wont help at all. He got me up to 822 and boosted my credit line to 200k and this is like a vote of thanks too. I'm forever grateful,anyone who is interested can contact SolutionX too and remember to thank me later

  9. Jesus Perez
    July 16, 2021 at 6:33 pm

    What Specific FICO scores are specifically looked at? Fico 8 – or 5, 4, 2? trying to see what middle score I need to know or work on.

  10. Knox Family
    July 16, 2021 at 6:33 pm

    I read that many mortgage companies bitching that MILLENIALS won’t buy homes and then mortgage companies do this kind of crap to people. You can’t have it both ways!

  11. Knox Family
    July 16, 2021 at 6:33 pm

    It is like lenders just want to reject people. Why bother. What a joke!

  12. Knox Family
    July 16, 2021 at 6:33 pm

    I can’t make heads or tails of credit. My credit score ranges from 624 to 771. So I have no idea. So sick and tired of this system. We want to buy a home and are so scared of rejection we just dont bother. This system is terrible!

  13. Igor Drugov
    July 16, 2021 at 6:33 pm

    Hello Andrew, what is the typical difference between Fico8 and the Fico ( mortgage score) . I read multile articles which stating that FICO 8 is not acceptable by morgage lenders. So what i should expect whne my potential mortgage lender will pull my credit score ? My current FICO8 score is 816. Thanks

  14. Miguel Medrano
    July 16, 2021 at 6:33 pm

    another great video Andrew. everything is explained very well.

  15. JDFuchs
    July 16, 2021 at 6:33 pm

    I'm glad you mentioned how your score can vary depending on the scoring model used. I thought for years you had one fixed set number per buro. Then recently had a small default (stupid story below) drop off my score when pulling the personal pull off the buro's sight. But its still included on my mortgage scoring. So a 690 score compared to a 770 score. That was a tad frustrating not knowing ahead of time.

    If you or a client open an account with a utility be sure the billing address is set properly. I had power to a rental for less then a month during renovation before it was taken over by the tenant. Statements were sent to the rental and never forwarded to me. A $90 bill I never realized existed until I had my credit run months later. I could see the same happening on an REO for a buyer turning utilities on for inspection before backing out of the deal.