What credit agencies do most mortgage lenders use?

Question by LeAnn: What credit agencies do most mortgage lenders use?
We are looking to refinance our house soon. My husbands average fico score is 697 and his average credit score is 740. Why is this such a big difference and will the lenders use the fico score or the credit score?

Best answer:

Answer by La
If I remember correctly, mortgage lenders look primarily at the FICO score.

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Mortgage Loans For Bad Credit

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Q & A: Is a bank or a credit union better mortgage? I’m with a bench and heard that credit unions are a?

question of women’s : If a bank or credit union for a better mortgage? I’m with a bench and heard that credit unions a? arebetter way to get approved for mortgages, and are better overall. Is that true Thanks Best Answer:

response from kstacy10
credit cooperatives are much better than regular banks

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Is my credit score affected when I shop around for mortgage lenders?

Question by Andy: Is my credit score affected when I shop around for mortgage lenders?
I am shopping around for a mortgage lender. Each time I submit a pre-approval application they pull my credit, right? How does this affect my credit score? I seem to remember hearing somewhere that as long as all applications are done within a certain amount of time, all applications are counted as one. Is this correct? How long is my window of opportunity?Thanks

Best answer:

Answer by donald e
having been in the industry for 10 years, i have seen folks do what u r doing, and get themselves in a situation where they cannot buy a toothpick on time, we call it just what u mentioned, “shoppers” the rule of thumb here is 3 credit pulls in 90 days is ok, for everyone after that u lose 4 points, , the inquiry stays on the report for 2 years, and the points come back after 90 days, i have referred to it before on this site as being similar to riding a horse. the lenders dont know if u r buying one item or several so they use inquiries as the reins, and pull up on them hollaring “whoa” if you do to many shopping tripped. i have seen consumers do 50 or more in 90 days reducing their scores by over 200 points, of course credit tanked for 90 days and they could not conclude their refinance or purchase. If you have good credit a couple of inquiries will not matter, but doing more than 10 in 90 days is considered excessive. chose your lenders carefully, supply them with a copy of your most recent trimerge impute report and state them to do their best offer based on this information without pulling your report again. When you narrow it down to a few lenders then give them permission to pull a final report at that time.

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Bad Credit Mortgage Lenders

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