Posted by bmeesh on November 11, 2006 at 19:16:06:
I also found out that your credit scores for credit cards vs mortgages are viewed differently…and that home loans, equity loans etc are done by beacon scores…
Credit Scores - Posted by paul
Posted by paul on November 11, 2006 at 13:16:03:
When you get a credit report from the three agencies they are all different I.E.-
Transunion 720 Equifax 686 Equifax 699
So what is your actual score?
Thanks,
Paul
Re: Credit Scores - Posted by tg
Posted by tg on November 15, 2006 at 12:20:18:
It’s a crap shoot. I’ve had them use the lowest score, the middle score, and the highest score depending on who you are dealing with in a purchase. Some will only go by one particular score or scoring agency. Some get a “summary report” which will give a weighted average of all your scores. Some will go by your middle score. Then you might ask, why are all your credit scores different from each other? This gets into many other factors…
We, the public, are not being dealt a fair hand by the various credit scoring agencies. How can one play the credit score game if you don’t know the rules you are playing by? Obviously this means you are pretty much at the mercy of whoever you are dealing with. Nothing like getting skimmed an extra quarter point on a 500k mortgage which will cost you thousands over the years. And the scoring agencies are not about to divulge all the rules which are incorporated in their “proprietary” scoring software. Can you tell that this subject gets me riled? It does many other people as well and some have tried to address these problems with legislation and although some progesss has been made, there is still much more to be done. Complain to your representatives.
Re: Credit Scores - Posted by LeasePurchase
Posted by LeasePurchase on November 11, 2006 at 23:56:06:
Believe it or not, your Credit Score when being pulled for a Home Loan is different when being pulled for a Car Loan. They are calculated differently.
I pulled my free report a couple of months ago and just out of curiosity I pulled one from my mortgage banker too. They were both excellent but so totally different. No one yet has been able to explain to me why that is, not even the Credit Agencies.
This really sucks for the folks that go pull their free report to use to shop for a mortgage and then when they apply and the report the lender pulls comes back with much lower scores it’s a shock to them when they don’t qualify for the best rates.
Re: Credit Scores - Posted by James Harris
Posted by James Harris on November 11, 2006 at 13:45:36:
Most if not all lenders will look at the mid or middle score. There are those, I’ve heard that will add these up and average them out to get your score. However, as being a loan originator, I would say that your mid score is 699.
Re: Credit Scores/ new llc getting seed $ - Posted by GSM Properties llc
Posted by GSM Properties llc on November 15, 2006 at 16:16:53:
I have a new llc 4 weeks old, and no personal cr score any ideas on cr card co’s or ideas of raising money, WE do have stock but havent issued any, With the company not owing anything does it have any value, how does a new llc, raise start up money thanks gordoniam@yahoo.com thanks for your comments gordon