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RaRa100614

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Different Scores for Different things
I want to apply for a loan but when I spoke to a rep I was told that they have a different score/scale that they use for credit that is not the same as Credit Karma. Any idea what mortgage companies use and how do I find out that score?

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You have many different scores

The best known scoring model is FICO. But even FICO scores can be different depending on which of the 9  FICO models they use.   Everyones aware of the big 3 credit bureaus but the reality is that there are litterely 100's of scoring models used in the industry.  Many major banks and finance companies use an in-house scoring models for mortgages that they have designed for them. These are usually based on your extended credit history. So its not easy to guess what score they will come up with but it should be in the same range as most FICO scores.

When I appied for my last mortgage my FICOs were in the 750 to 770 range, When we went to closing the score I had that day from their own model was 802.  So you never know.

Hope that helps

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If you read the articles on this site explaining how credit works, you would have that information.  Teaching how credit works is what Credit Karma is here for and you would be smart to take the time to learn from the information provided here.

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