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Why Is Your Credit Score Lower When a Mortgage Lender Runs Your Credit? Running Credit Scores 2020 💳

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#creditkarma #creditscore #homeloan
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25 авг 2024

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Комментарии : 78

@keithclifton392 Месяц назад

Great info. And yes, guys like Kohls!!

@johns20901 3 года назад

Thanks. I have reviewed my entire file at all 3 bureaus, so , I hope that when we talk (I’ll put myself on the schedule ) there should not be a lot of surprises for me. I am a veteran and my middle is Equifax at 667. But I am not sure I understand the difference between the 3 scores and FICO scores. ...thanks for your ongoing videos, we learn a lot !

@JenniferBeeston 3 года назад

Happy to help and looking forward to chatting

@naughtyorgneiss 3 года назад

Mortgage lenders for conventional are using the middle of 2-4-5 (ie Experian 2, Transunion 4, Equifax 5) FICO scores. You can pay the $39.99 for Premier myfico membership which updates these 3 scores monthly (and then you can cancel the membership). And you may be able to get these scores at other websites but that's where I got mine. For example, I pulled mine before applying with Guaranteed Rate (Jen's company) because I didn't want any surprises and sure enough my middle score from Jen exactly matched my middle 2-4-5 score. The confusing part is that these are older models, which means they WILL BE LOWER than the scores used for credit cards - ie FICO 8 since FICO 8 will be more lenient in certain areas since it's newer. For example, my middle FICO 8 score is 725 but my middle 2-4-5 mortgage score is a little over 700. And like Jen said in the video, the Credit Karma scores are usually even higher than FICO 8- they are commonly known as "FAKO" scores and are usually things like Transvantage 3.0 which is another model altogether. In some cases my FAKO are 100+ points higher than my mortgage 2-4-5 scores! Now I've looked into how to increase the 2-4-5 scores but it's proprietary and the folks at the myfico forums have been trying to crack the code for awhile now. Many see their scores go up using the AZEO method - "All Zero Except One" meaning zero out all your credit cards except one and keep utilization under 9%, preferably even lower like

@MakeWay4CJ 3 года назад

@naughtyorgneiss - Wooowwwww...this did help because I didn't know that there was a chance that the 2-4-5 would be sensitive to installment loans! Which is just perfect timing because had I been told of this possibility before COVID-19, (when I was planning to buy a house) I wouldn't have tried to pull a personal loan because that would've driven my utilization up! But now that I'm thinking about waiting another year before buying, it may be worth it to take out a small personal loan that would allow me to pay it down just before I apply for my mortgage loan! I'll have to look into it a little deeper but thank you for pointing me in the right direction! Be well!

@JenniferBeeston 3 года назад

This is awesome!

@derekyou9482 3 года назад

Wow the example they gave 🤯 you would never know how far some people would go

@JenniferBeeston 3 года назад

Scary right?

@DergEnterprises 2 года назад

The scoring model absolutly needs to be 100% public. There should be no private/govt agency that rates an indivudual without that individual knowing how they are rated. The three agencies have a monopoly and are keeping poor people poor.

@JenniferBeeston 2 года назад

I always compare them to the dementors in Harry Potter so yes I 100% agree

@ScorewellCredit 3 года назад

Spot on excellent information !

@JenniferBeeston 3 года назад

Thank you Ken! You are the credit king so a spot on from you is a huge compliment!:)

@alyssasarras 3 года назад

Amazing Video!!!!!! Great info.

@JenniferBeeston 3 года назад

Ahh the inspiration of the video

@officecheer1821 3 года назад

What about the mortgage score from myfico

@JenniferBeeston 3 года назад

Myfico seems generally closer to what we pull

@ivislandaverde3687 3 года назад

😂😂 my husband loves Kohl’s.. thanks for the information.

@JenniferBeeston 3 года назад

lol happy to help!

@jasonmims5057 2 года назад

Yes Kohl's does sell men's clothing. I once bought a suit for a job interview at Kohl's

@JenniferBeeston 2 года назад

I will have to go there more. I only look at the seasonal decorations.

@topsecretbear9918 3 года назад

Koles is pretty good for men too. If you want to dress nice but not too nice. Not a robot btw.

@JenniferBeeston 3 года назад

Lol thankful you are not a robot.

@kpfusion 3 года назад

Myfico is the best 👌 fico 2 4 5

@millennialmoneyprogress 3 года назад

Great video Jen. What about paying to check our FICO scores? Checked 2 LF mine and noticed the FICO “8” score was like 811 but the FICO “2” used for mortgages was like 785. Are these accurate at all? I’m like a year or so away from purchasing.

@Camarolvr13 3 года назад

MyFICO is dead on accurate. I had a subscription when I was house shopping. My middle mortgage score on the site was 762. When Navy Federal pulled my scores for the loan they said 762.

@millennialmoneyprogress 3 года назад

Camarolvr13 awesome thanks for the reply .. congrats on your house

@lovelyindeed4526 3 года назад

@@Camarolvr13 congrats on your house! I was wondering about the Mortgage Score on MyFICO. My FICO 8 is much lower than the mortgage score, Sounds like I should go with the mortgage scores? I wish I knew which score mortgage lenders used. This is a stressful process. 😰 I

@Camarolvr13 3 года назад

@@lovelyindeed4526 Look at all three of your mortgage scores. The Lender will go with the one in the middle.

@lovelyindeed4526 3 года назад

@@Camarolvr13 thank you for your reply! Enjoy your day. 😊

@bahhaziz 3 года назад

I didn't hear the answer to the question in the title

@JenniferBeeston 3 года назад

I answered it. Perhaps rewatch:)

@MakeWay4CJ 3 года назад

Whooooa Jen, I'm normally right there with you on things but this one I'm going to have to take a pass on because I'm not really sure that a few instances of lenders giving personal information to the wrong person is a good enough reason to withhold the particulars on the credit report that led to the lender's decision. Especially since there are plenty of common sense measures that could be put in place to ensure that this information is given to the right person, like only sending the report via secured messaging or only sending itto the same email address of which the applicant sent their information. I'm just sayin'..... if you think about it, isn't this whole not giving an applicant their credit report after a denial thing kinda like what used to call on back in junior or senior high school? You know, like when one girl would accuse another girl of talking about them but when the 2nd girl asks who told them this (lies or otherwise) the 1st girl usually won't tell her who it is? But at the same the 1st girl feels justified to stop being friends with the 2nd girl because of the information she received? That's how I think applicants feel when they're told that they're denied but aren't allowed to see the actual credit information that influences the decision. In fact, this feels so shady that it almost makes it seem as though this was put in place to protect the credit reporting agencies from being liable for the loss of a loan if it's found that the information on the credit report was inaccurate to begin with. But eh...IDK. All I know is that as someone who is part of a group that is commonly discriminated against by lenders and real estate agents, I think it's even more important that there be transparency about the sources and the information that led to the lender's decision so it won't look like impropriety on anyone's part. But hey - you didn't make the rules so please let us know if those rules ever change, okay? And thanks for keeping the industry honest! We (the Royal "we") simply love your channel! LOL! Be well!

@JenniferBeeston 3 года назад

Hope you are well too. I do not disagree with you at all. However the credit bureaus make the rules and we have to follow them and identity theft is an issue we worry about every single day as lenders. I am not a huge fan of the bureaus and I think there are issues they should be solving that they are not being required to. Like why if they report something inaccurate is it the borrowers responsibility to fix. Shouldn’t they? . Check out my video on trigger leads to see other things credit bureaus do which is straight up sketchy.

@worstbehaviorstories 3 года назад

Also had a question about rapid rescores? I read an article stating that if you’re a few points away from the required FICO score some lenders will work with you to help you get it up. Usually by advising you to pay down some credit cards to a certain amount and then they’ll submit an application of some sort for a rapid rescore? Just wondering if this is true.

@JenniferBeeston 3 года назад

I am not a fan of rapid rescores. In my experience they take forever, are expensive and you get mixed results. I just closed a loan for a lovely couple who were qualified with the builders lender in March. The wife's credit was 10 points below what the lender needed. They said they would help with credit so that by the time the house was ready she would have a higher score. 10 months later the score had not moved enough and they declined the borrower. We had to rush in and close the loan in 20 days over Christmas. Work with a lender that can handle your score now. If no lender can then work on your credit and once you have a clean pull (no rapid rescores) then start talking with a lender

@lovelyindeed4526 3 года назад

I have been watching your videos since I found them. Such great information!! I would love your guidance on a current situation. I am a buyer under contract. I was pre-approved 11/20/20 set to close 01/20/21 with a 684 middle score. 53% credit utilization. My file went to Underwriting Wednesday. In the meantime Chase decreased my credit limit. 😳 my credit utilization is now 90% and my middle score decreased to 667. I discussed this with my loan processor. She said that at the end they will soft pull. I am not clear if this encompasses a new score. I’ve asked around and some people say yes they will pull a new score others say no due to the closing date before the score expires 120 days. Any information would be greatly appreciated. Thank you 🙏🏽

@JenniferBeeston 3 года назад

A soft pull is just to make sure you do not have any new debt. It is not a new credit score hit. We do soft pulls right before docs on everything, the only time it leads to us getting a new score is if new debt has been taken out or a bill has gone late. You should be good:)

@lovelyindeed4526 3 года назад

@@JenniferBeeston thank you!! This is so stressful!! But I know everyone is working hard to get to close!! 🗣Clear to close 🗣CLEAR to close 🗣CLEAR To CLOSE!! 🥳🤩🤗 I’m losing it lol 😆 😬😁 Happy New Year!

@JenniferBeeston 3 года назад

@@lovelyindeed4526 Happy New Year to you as well! Clear to close are magical words and my favorite as well!

@worstbehaviorstories 3 года назад

What about Experian? Is that any good?

@JenniferBeeston 3 года назад

Experian is one of the three bureaus we pull. We use the average. Its a dice toss

@08breezy08 3 года назад

so what happen when you pay the 3 credit bureaus and the mortgage lender is still reporting lower?

@JenniferBeeston 3 года назад

It can take time to update. I always suggest talking to an actual credit expert as they can set realistic expectations.

@alecb496 3 года назад

My lender is always higher than my credit karma score

@JenniferBeeston 3 года назад

That is rare

@alecb496 3 года назад

When my credit isn’t garbage maybe that will change.

@LaceyLace_ 3 года назад

It's so frustrating because how do I know I'm qualified to get the best rate if I'll never know what my score is at? I'm always going to guess if my score is "good enough." Sorry just frustrated cause I'm trying to do a refi and my score is lower than what it was last year and I have less debt now than before...

@JenniferBeeston 3 года назад

I agree 100% Hopefully some savvy tech entrepreneur will create a system that mirrors mortgage lender pulls as we see and deal with the frustration every day.

@pkris2237 3 года назад

On my first time taking mortgage I was a little surprissed by 20 poins difference. But make sence if amount of debt is part of equation

@charlescriner8433 3 года назад

I fixed my bad credit report with the help of a credit repair specialist who I was referred to by my colleague, they helped me improve my bad credit and erased all the negative items affecting my score negatively. I now score an excellent 780's across all 3 major bureaus all thanks to Mrs Debbie Brooker. Feel free to reach out to her for help as well 'Debbie@creditpatchup.com'

@markd5067 3 года назад

They say its lower so they can charge you a higher rate of interest on the loan...

@JenniferBeeston 3 года назад

If you are concerned a lender is doing this ask for a copy of your credit report. We 100% don't do that as an individual loan officer we get paid the same regardless of credit score so zero incentive on the LO end:)

@lionheart93 3 года назад

Hi, regarding the conventional loan with 5% down is it true that one must live in the property or else one wouldn't be able to qualify for this loan?

@JenniferBeeston 3 года назад

Correct 5% down is for owner occupied loans. I do not know of any investment loans that only require 5%

@nicolas8318 3 года назад

Hi Jennifer Beeston are you license in New York area, or New Jersey ?

@JenniferBeeston 3 года назад

New York yes;)

@oscarmartinez5500 3 года назад

Hello I have a question my wife and I are looking to buy a home and I see you are licensed in Texas how would that work to work with you if we are from a different state

@JenniferBeeston 3 года назад

Hi Oscar, It would be just like if I lived in Texas. I have done all loans over the phone and email for the last 8 years. Meeting with clients is pretty old school since everything is tech based. Also if my clients are taking a day off of work it should be to do something fun not meeting with me which is tres boring.

@michaelleahy6848 3 года назад

Would it be a good suggestion to have a homebuyer purchase MyFICO and share the 5 4 2 scores with you, right before you do a hard pull? You would then know in real time if doing the pull is likely to drop them into a lower approval tier?

@JenniferBeeston 3 года назад

I don't feel like they are spot on either:(

@BlackberryVR6969 3 года назад

I have an experian account because I’m looking to buy within a year. I’m confused because all my scores are different. Idk what FICO 2,3,5,8 none of that means. I just look at the myfico score. how am I supposed to know which one is the one lenders will use? Is it like body fat? You can’t target one single area you just have to work on the over all results?

@nedrahobson9841 3 года назад

I believe for mortgages you need to pay attention to FICO Equifax-5 TransUnion-4 and Experian-2 scores. Those are the mortgage scores specifically. Like she said, kick out the high/low and roll with the one in the middle for approval consideration. Hope this helps.......