Updated: May 25, 2021
"But, my credit app says I'm at a seven hundred credit score, how could my mortgage broker say it's lower?" I have had this conversation with buyers many times. Keep reading below to see the answer.
Credit Apps Don't Always Give The Full Picture
Credit Apps are great to keep you encouraged and to help you keep track of your current credit status. However, they don't always provide the full picture. Mortgage brokers pull from the three credit reporting agencies and then provide an average of the three. If you want a full picture of your credit, pull a report from all three agencies on their websites. Find out if there are any old debts or incorrect debts on your credit. The perfect time to do so is before you start the buying process. Go directly to the source for accurate credit information; it's always better!
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Sandra Tuff-Galvin, Broker