Posted on: 27th Jan, 2006 12:59 pm
Is there any difference between a mortgage credit score and regular credit score?
I don't think there is any difference between the two. The models may be different with different loans.
The lenders take the score reported by the bureaus where the standard is as per FICO. While a home mortgage may require your middle score to qualify, a car lender may look at the highest score for you to qualify.
Rhonda
The lenders take the score reported by the bureaus where the standard is as per FICO. While a home mortgage may require your middle score to qualify, a car lender may look at the highest score for you to qualify.
Rhonda
Hi,
I too agree with Rhonda that there is no such difference. The scores will be same only the difference will be on how they look at it based on the application for the loan type.
The scores of the credit report has the ranges as follows -
Trans Union Emperica : 336 - 843
Equifax Beacon : 300 - 850
Experian Fair Isaac : 300 - 850
It is required to have the name of the report giving the score for the lenders to judge and compare.
James
I too agree with Rhonda that there is no such difference. The scores will be same only the difference will be on how they look at it based on the application for the loan type.
The scores of the credit report has the ranges as follows -
Trans Union Emperica : 336 - 843
Equifax Beacon : 300 - 850
Experian Fair Isaac : 300 - 850
It is required to have the name of the report giving the score for the lenders to judge and compare.
James
Hi,
Rhonda is absolutely correct. There is no difference between the two. If you apply for a mortgage loan or a personal loan the credit score requirement is same but there are other factors which may differ. The lenders check the credit score, source of income and also credit history before providing the loan. It may differ from lender to lender.
Rhonda is absolutely correct. There is no difference between the two. If you apply for a mortgage loan or a personal loan the credit score requirement is same but there are other factors which may differ. The lenders check the credit score, source of income and also credit history before providing the loan. It may differ from lender to lender.