Which credit scores do mortgage lenders use?
When mortgage or home loan companies request your credit reports, the loan company will receive a single document that will outline information from all three credit bureaus, including your FICO scores. If the scores are different, the company may use the middle one, or the lower-middle one if you are applying for a mortgage with your spouse or partner.
On the flip side, a lower score could mean that you haven’t been consistent with paying back loans on time, or at all. In this case your risk as a borrower is higher. This increased risk as a borrower means your mortgage interest rates are most likely going to go up. Keep in mind that lenders don’t just look at your credit scores. Lenders will look into your credit history in more detail and could deny your application or offer higher interest rates if you’ve had a previous negative remark, such as a foreclosure or if you owe debt to collection agencies. Other factors lenders will look at include your down payment, loan amount, and the home’s location.You can monitor your credit reports through any of the three credit bureaus.
To improve your credit score, first look at your credit history reports to see if there are any indicators that are negatively affecting your score. Focus on those negative indicators first, especially the factors that weigh more heavily than others. If there are any errors, contact the relevant credit bureau to dispute them.Making consistent on-time payments to all your loans. Consider setting up automatic payments so you don’t forget.
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