Is this really what my FICO score, which was to get a mortgage?

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My wife and I are buying our second home. We have been in our current house for 15 years and have good equity. My sister, who was in the banking sector said that the FICO score generated by the three offices is only a consumer of the guests and the AO is used for a lower mortgage work. For example, I know that my current FICO is around 725th She says she will actually be lower if a mortgage company my credit card, which affect how we could get a loan and interest in running on it. Is this true? Please no personal opinion cite references or experience in the industry, if possible, the initial responses. We are very pleased with the debt / credit Verf├╝gung.Wir have 4 C / C, each with about $ 15 – $ 20K limit and zero for all. We use them from time to time to keep some form of use, but no credit. They are all old accounts, about 4-15 years. No car loan. The loan is a loan of about $ 7k on it.

  1. Reply
    Leslie K
    May 3, 2011 at 1:47 am

    Creditors do run a slightly different report. I ran into this in the car industry too. But beyond your score (and anything around 700 and above is no worry anyway) though lenders look at your debt and debt-to-income ratio’s.

    They also look at how close to the max you are on your current credit debt. So if you’ve got any cards that are close to max, try to pay them down over the next month or so to below 50% of yout limit.

    Also, another new twist in the game is that some creditors are actually lowering the available credit limits on people’s cards without telling them, which then raises their debt ratio above that 50%. For instance, you have a card that had a credit limit of $ 5,000. You have $ 2,000 on it. Which is only 40%. The credit card company arbitrarily lowers your limit to $ 3,000. Now you’re 66%. This lowers your credit score.

    I think there might be some lawsuits pending soon about this type of behavior but until then it’s something to watch out for on your monthly statements.

  2. Reply
    I Buy And Sell Houses
    May 3, 2011 at 2:14 am

    It’s true that there are differences between the consumer scores and the one used by a lender. But they’re really pretty similar. What you should do is have a mortgage broker pull your credit and analyze it for you. You should look at it too, to pick up any obvious errors. Most credit reports have some errors on them.

    Also, your FICO score isn’t the only thing that determines how large a mortgage you can get, and at what interest. Also very important is your debt-to-income ratio.

    Even beyond that, there are certain other issues that can affect your ability to get a mortgage.

    However, the main things are your credit score and your level of debt.

    Talk to a good mortgage broker for more guidance.

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