Why do I get a different credit score than the loan people?
351154
Where are you getting your "credit score"?\n\nIf you are buying it from Experian or Transunion then you are not getting a real FICO score.\n\nThe only place you can get a real FICO score, the ones lenders use, is at www.myfico.com. You can get all 3 for $44.85 at www.myfico.com/12 and it will also give you the top 4 reasons as to why your credit scores aren't higher.\n\nYour credit score changes whenever the information in your report changes.\n\nFYI, if you are comparing it to a FICO score generated by a car dealer it could be because the dealer is using an "Auto Enhanced" FICO score which gives higher scores if you have handled current and past auto loans/leases well and lower scores if you haven't.\n\nGood Luck
300087
Sure, May not have anything to do with your credit, but the reason for the loan. If credit, loan, or colateral is in question a lender may ask for something else to hold in case you defalt. Could be a title to a car, a deed to a home, or cash. You see this a lot with credit card companies.\n\nBottom line, they don't want to make the loan on the merrits in front of them. Someone feels this loan is high risk. \n\nFYI, the money they hold should also earn interest while they are holding it.\n\nGood luck.
1113727
There is not "minimum score" lenders look at.  If your score is good (700 and above), look among regular banks and mortgage companies.  If your score is not so good (below 600), look among sub-prime lenders.  If your score is in between, look both places.  However, income is more important to lenders than the credit score.
511195
Most people think they can't get a home loan due to low credit scores. I specialize in home loans for people with bad or poor credit. The best way to look at things is to ask yourself how much you can afford monthly for your mortgage. IM me and I can get you started if you like.
1053643
Scores range from the 300s to about 900, with the vast majority of folks falling in the 600s and 700s. The higher the score, the better. \n\n"The FICO score is the single best summary score of one's credit worthiness," says E-Loan President and Chief Operating Officer Joe Kennedy. \nA credit score number is often called a FICO score, for Fair, Isaac and Co., the California company that developed the system upon which it is based. \nThe score is supposed to distill all the information in your credit report, using a formula to calculate a single number that indicates your credit worthiness. \nIt's designed to give lenders a fast, accurate prediction of the risk involved in giving you a loan. Lenders have attested to the score's value in streamlining the underwriting process and creating more opportunities for consumers to get mortgages.
1139109
Most lenders only use one to two credit bureaus to report too. As pulling a credit report cost money on each individual who applies, reason they wouldn't pay for 3 reports, when you pretty much can get a decent overall history with two. \n\nSeems you have only received one report, there are at least two others to get, and it will be on one if not both of those, and your rating will be higher on those.
198908
Under the new provisions of the Fair and Accurate Credit Transactions Act (FACT Act), if you apply for credit (car loan, HELOC, mortgage) the lender must provide you with either a Credit Score Disclosure or a Notice to Home Loan Applicant (for mortgages and lines of credit).\n\nThis disclosure states that in connection with your credit application, the lender or broker must provide you the score that was reported by credit bureaus as well as the factors that affected your credit score.\n\nBut, if you're just walking into a bank and asking for a credit score? Forget about it.  That won't happen.  Most if not all banks aren't going to spend the money on a credit report and credit score if you're not applying for a loan.  What's in it for them?\n\nAnd it doesn't make sense to apply for credit just so you can get your credit score because each time you apply for credit, your credit score will be adversely affected.\n\nAlso, keep in mind, different lenders use different credit scoring systems.  Fair Isaac (FICO) is only one.  There is also Empirica and Beacon scores.  So depending on which model(s) your lender uses, your score will vary.
498614
It relates to how much risk a lender will be taking by lending money to someone.  \nSomeone with a low credit score, high credit card debt, no equity, and a bankruptcy is a high credit risk.  There is a high risk that a lender will never get repaid.
428713
It is true that inquiries lower you credit score, but it's amazing the type of companies that are out there! There is always a company willing to refinance. Go on line and check it out, and try to get in touch with an actual person to ask your questions, that way you don't have to submit an application. Good luck!
642241
The most accurate answer is "it depends."  First, where did you get your score from?  Is it a FICO score, a score from an individual credit bureau, or another source?  Typically, different creditors use different types of credit modules in determining your score.  Credit that is perfectly acceptable for a 100% mortgage may not be good enough to get you even a used car loan, and vice versa.  Other factors, aside from your credit score according to the lender's module, constitute your credit profile and will determine your risk, and the terms of the loan.  Other factors include, debt (to income) ratio, and employment history.  I have seen borrowers with 800+ credit scores who have been turned down for loans at my hands.  Why?  Too many tradelines, too much unsecured debt, vast accumulation of debt, high risk of bankruptcy.  To answer your question, if you live within your means, and have a few tradelines (lines of credit) that you allow to season (age) for a few years, you will find yourself not only with a good credit standing, but a balanced financial life.  Age (aside from legal age - over 18)is not a factor considered when determining credit worthiness.
830945
Becuase some creditor report to one bureau, some report to two and other report to all three. \n\nWhen your score is calculated using different info, the scores will be different. \n\n\nHere is a great article about credit scores. Will open your eyes: http://www.expert-credit-advice.com/credit_score.htm\n\n\nThe rest of the website has other good solid information as well.
1103519
It depends on the company who will be loaning you the money and how the process it. They might have you try to clean up the bad credit a little before they approve you. Thats what happend to me. My credit had some bad things on it and I had to fix them before we got approved. Your credit doesnt have to go back to perfect but you have to prove that you paid back your old debt. Otherwise the person with good credit might have to be the one who takes out the loan for the house without putting the other person on it.
953589
This will depend 100% on your lender.  Usually a lender will look at credit score and history and income to determine your ability to repay.\n\nYour amount of debt, other open accounts and length of credit history all determine your credit score.
915620
whats your credit score and fica score.how old are you and do you have a job?you have to answer many questions to be approved for a loan and having just credit isnt bad but if your credit score is below 600 you will have a problem.check your ratings
46996
Although it may seem unfair they do it to protect you as much as themselves. They want proof that you can repay what you borrow without getting yourself into more debt than you can handle. Ways to help get you started on a decent credit score and history:\n\n1) Ensure that you do not keep changing address.\n2) Start with something small, a credit card maybe.\n3) Make regular payments and more than the minimum.\n4) Have a bank account that remains in credit\n\nYou could always ask if they would accept a guarantor, like a mother or father that would sign it for you. Be sure to ask them first though as they would need to agree and know that they would become responsible if you didn't make the repayments.
150159
You are somewhat correct.  The basically are all offering the same thing - but every now and then you will find one or two who are willing to give you a better rate than others.  \n\nWe just bought a new home and i went through this same thing.  I have a very good credit score so I knew i could get the rock bottom of the apr's out there so I looked around.  There were a few that seemed good - then i called a few more and found out that the ones I had previously thought were good weren't as good as I thought.  \n\nthey were offering me 5.75 with 1 point or 5.5 with 3 points.  this was on a 277,000 loan so that's a lot of mula.  \n\nI ended up going for Wells Fargo with NO POINTS  5.625 %  \n\nThat was a good one and very competetive.  \n\nThe other ones came from Lending tree - but I found Wells fargo on my own.  \n\nGood luck
225879
As far as I know if one of your credit rating is good, then it wont matter if the other's is bad - I think its like some loans.  Co-signer w/ good credit = :D