Credit Score in Chicago>Question Details

lebron james, Home Buyer in Chicago, IL

Best way to get the credit scores lenders will see?

Asked by lebron james, Chicago, IL Mon Jan 17, 2011

I am trying to find the closest approximation to the three credit scores given to the lenders who may or may not be pre-approving me for a loan. I have already taken advantage of my three annual free credit reports, and I can no longer get these for free. Any ideas? The one that looked like the best deal to me was truecredit deal where I get all three reports for $29.95 plus all three scores for an additional $9.95.

https://www.truecredit.com/products/optimizedOrder.jsp?loc=1…

Also, I'd like to do the same for my wife. We are married with different last names. Any way to get two scores for the price of one? Also, do lenders combine scores for married couples or just use one person or what?

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Answers

20
Evelyn Fred’s answer
Hey Lebron,

The lender will pull both your credit reports and help you to determine which is the best way for you to go, AT NO CHARGE. Quit paying for this and while you're at it....

Quit running your credit report/score, you're causing more harm than good. Every time you run your credit it takes a hit. It is interpreted as though you're applying for credit.

Call Matt Bukovy @ Wintrust Mortgage: 773-654-2498 or 773-416-7107 or email him: MBukovy@WintrustMortgage.com.

Good luck!
2 votes Thank Flag Link Mon Jan 17, 2011
BEST ANSWER
Dear Lebron,

I'd like to offer a couple of comments in addition to the ones below.

Regarding getting the exact same credit scores as your eventual lender will see, that's virtually impossible. The numbers that you can find/receive yourself are typically a few points different from the scores that will be reported to your lender. And the lender's numbers will typically be a few points lower than the scores that you have. My wife and I have refinanced twice in the past 3 years, and both times the scores that we got on our own were slightly less than the scores that our lender told us they'd received for us. And this is a lender whom I've worked with for the past 5 years whom I trust implicitly. So count on the lender's scores being just slightly lower than yours.

Regarding whether or not you can get a two for one deal from a credit score source that answer is typically not. If you are researching two different social security numbers, then you'll pay twice. The only work around to that is to work with a lender who is friendly either with you directly or with a Realtor partner that you're working with who can convince the lender to provide the information for you for free.

Having said that- lenders will typically pull your credit reports after you've filled out a loan application or you've just agreed to their being able to pull your scores and their being able to charge you for that service. Application fees can range anywhere from $50-$500. Application fees often include both the charges for the lender to pull your credit report(s) and the fee for the appraisal of the property that you'll eventually purchase, although sometimes that application fee is charged later in the process or at the closing (the transfer of ownership from seller to buyer) rather than up front.

Whether or not your lender uses just one of your scores or both primarily depends on whether or not both of your incomes are going to be needed to qualify you to purchase at the price at which you’d like to purchase. If only one income is needed to qualify you to be able to purchase at the price you'd like, then the lender may only pull one set of scores. If both of your incomes are needed, then both credit profiles will be examined.

This is a small distinction, but one that I don't think I saw mentioned previously. A credit report does not usually include credit scores. So if you want scores, then you’ll likely have to pay for them. The annual credit reports that you can get for free usually do not include your credit scores. Just the information that's being reported about you.

I have to disagree with Evelyn’s comment. Generally speaking you are allowed to check your own credit reports or scores as often as you’d like, however if other parties are pulling your credit (i.e. banks, mortgage brokers, retail outlets where you’ve applied for credit) then your scores are very likely to go down.

I'd suggest that you take a look at Suze Orman's website for some general information about credit reporting and scoring http://www.suzeorman.com, and I think that http://www.myfico.com is offering some incentives for getting free scores right now.

One final point (though you don't need to concern yourself too much with this last point) is that one of the three major credit reporting agencies (I believe Experian) is trying to market an alternative scoring model to the FICO score which is currently the most universally used scoring model in the market. The alternative score is called a Beacon score, but whichever lender you decide to work with will be able to adjust or interpret that number. The only potential reason that you'd need to concern yourself with this is that you might have to visit multiple websites to get all of your scores where previously you could have gotten all the scores in one place.

Good luck and let me know if you need any references for reliable lenders.

Sincerely,

Christopher Thomas
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
cthomas@kw.com
http://www.myagentchris.com
Web Reference: http://www.suzeorman.com
0 votes Thank Flag Link Sat Jan 22, 2011
Hello,

When you and your wife are ready to move forward with pre-qualification, the lender you end up choosing will need to run their own credit report. We do not charge for this service.

To learn more about our home loan process, please go here: http://www.luettmortgagegroup.com/home-loan-approval/.

Regards,
Andrew
1 vote Thank Flag Link Mon Jan 17, 2011
Lebron:

When did you get the three credit scores that you have? You are allowed 3 per year. It is best to get them from these credit bureaus: TransUnion, Experian and Equifax. There are some lenders that will work with you to try to help clean up or correct any credit issues or errors as part of their working with you for lending/pre-approval. I would suggest that you contact a trusted lender to ask your questions before going to any outward expense.

Good Luck!
1 vote Thank Flag Link Mon Jan 17, 2011
Evelyn,

Welcome to the internet. I do want advice. In fact, I want good advice about the question I'm asking - not incorrect advice about a question I'm not.

Thanks.
0 votes Thank Flag Link Tue Jan 25, 2011
Lebron,

Everyone here is only trying to help. There really is no need to offend anyone, it's uncalled for. If you don't want the advise then quit asking. If you find the advise is of no use then ignore it. Find the solution that best works for you.

Continue to spend your money, affect your score and only by trial and error will you discover what works best for you. Bottom line, generally speaking most respondents recommend check with a lender.
0 votes Thank Flag Link Tue Jan 25, 2011
Do not go anywhere but to MyFICO.com to get your credit scores. If you are pulling your own report, that is called a soft inquiry and does not hurt your score. Also the only score you care about is your FICO score as that is what lenders care about. Don't waste any time or money on any of the other scores that are sold online. They have different models and most importantly basically no lender cares about those scores.
Web Reference: http://www.MyHopeNow.com
0 votes Thank Flag Link Mon Jan 24, 2011
Dear Lebron,

Thanks for the clarification, and you are correct sir. I misspoke. The scores that my wife and I got on our own were slightly "higher" than the scores the lender reported to us. Sorry about the confusion.

Sincerely,

Christopher Thomas
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
cthomas@kw.com
http://www.myagentchris.com
0 votes Thank Flag Link Mon Jan 24, 2011
Sorry if I offended anyone with my last post. I'm a little angry with the Bears. That's 3 hours of my life that I'll never get back.....
0 votes Thank Flag Link Sun Jan 23, 2011
Hey Lebron,

In case you didn't know... every time you pull your own credit your scores will go down. Hahahaha, I'm just kidding. I actually DID read your posts and I couldn't pass up the opportunity to be a little sarcastic.

By now you probably realize that most "professionals" on this site don't even offer useful info. All they say "call me, I can help" or "check out my blog". It angers me too when people do not answer the question!

Good luck with your endeavor.
Mike.
0 votes Thank Flag Link Sun Jan 23, 2011
Dear Judi,

Pulling my own credit report has no effect on my credit score. Thanks for the misinformation. Did you even read the responses below and my response to them?
0 votes Thank Flag Link Sun Jan 23, 2011
You dont need to pay for anything, go to the free governement site for a review. There are a lot of scams out there revolving around your credit report and business credit reports, I should know as I worked for Dun and Bradstreet for 9 years.

Go see a local lender, get a referral from someone who has used them. This is FREE to do and they will look at your scores and ALL YOUR DATA, like you debt to income ratio, salary and etc. They will see what you can get pre-approved for now and if you cant get a loan, a good lender will tell you what to work on so you can obtain a loan 6-12 months or whatever amount of time down the road.

Sincerely, it is great you care so much abour your scores but you dont need to buy any of their credit services just to monitor your own credit score.


Best of luck.
Spirit Messingham
Tierra Antigua Realty
Tucson, AZ
0 votes Thank Flag Link Sun Jan 23, 2011
Hi Lebron,

Beware every time you pull your credit report it could cause a hit against your credit score. Every lender will pull it free of charge for you and based on the results will advise you as to your best course of action.

Best of Luck,
Judi
0 votes Thank Flag Link Sun Jan 23, 2011
Dear everybody

Sally - not sure why you are confused. I don't need the names of your lenders. I just want to know the scores for the sake of knowing them.

Philip - not sure why you are confused either. I never said that I thought I am supposed to give the scores to the lenders. I'm asking about which scores they will see. I'm confused by what you say. actually. You say "I don't tell the lender my score" but later you say that once i'm pre-approved, i should just tell the lender my score. Are you implying that if I shop around after I'm pre-approved, the other lenders won't pull my credit report and just rely on my verbal relay of the score? Also, I've read in multiple places that shopping around for a mortgage will not hurt your credit score if the companies are pulling within the same 30-45 day window. Finally you tell me that the more my score is pulled for anyone by any reason, it will go down. This is not true. It is more nuanced than this and you should know that.

Evelyn - Thanks for not even trying to answer my question and instead telling me to do something else. Also, you are completely wrong. Every time I pull my own credit score, it has no effect on my credit score. You should know better.

Andrew - Did not answer my question.

Suzanne - Thanks for affirming that all of the answers are true when some of them contain misinformation.

Matt - Great input. Glad you could chip in.

Christopher - You said "both times the scores that we got on our own were slightly less than the scores that our lender told us they'd received for us" and then you said "So count on the lender's scores being just slightly lower than yours." These seem like opposites to me, but I'm guessing it might have been just a typo. Otherwise, thanks for actually answering my question and also thanks for not spreading that nonsense about how checking my own credit score hurts my credit rating.
0 votes Thank Flag Link Sun Jan 23, 2011
I agree with Evelyn Fred's answer:)

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
773-654-2498 - work
773-416-7107 - cell

http://www.mattbukovy.com
0 votes Thank Flag Link Wed Jan 19, 2011
Lebron -

All the answers are true. A lot of people do pull their credit before they start to consider buying, but it is unnecessary. Most lenders offer free credit checks and then will charge you about $20 if you go wih them for a loan. I use a lender who will also get you a credit analyzer to tell about your credit report and how to improve your score, if necessary. They also give great rates and specialize in first-time buyer. Email sshimmel@compassmortgage.com.
0 votes Thank Flag Link Mon Jan 17, 2011
Lebron,

The lenders will have to pull their own credit report, so the report that you have will not be valid for qualifying for the mortgage. If you're married, the lender will pull a report which has both your histories and scores combined. If one score is too low, that person will be left off the loan. If that is the case, hopefully the other person can qualify on their own. Also, that cost seems expensive.... Our reports are less than $20 for a couple, which includes your payment history and all three scores.

Good luck,
Mike.
mcline@waterstonemortgage.com
0 votes Thank Flag Link Mon Jan 17, 2011
Lebron,

I think what you're asking is where can you get your credit scores so that you can have them and possibly improve your credit before the lender sees it.

Not necessary. If you find a good reputable lender, he/she will go through all of these concerns and help you get to where you need to be to get the most optimal loan for your needs.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Mon Jan 17, 2011
I am also confused. You do not give your credit score to the lenders. They need to do it themselves. However, you should not let 10 lenders pull your scoes because that will lower the scores. Just let one lender pull them and get 'approved' and then you can shop other lenders for a better deal, but just tell them what your scores are based on what the 1st lender pulled up.
You clearly should shop around for lenders and my web site has some references. Just remember that the more your score is pulled (by anyone for any reason) the lower it will go, other than the one a year you are allowed to do for free.
0 votes Thank Flag Link Mon Jan 17, 2011
Hey Lebron,

I'm confused by what you're looking for. If you're trying to get pre-approved for a loan, you don't need pay anything to get your credit report. Talk to a lender or morgtage broker, and they will run your credit report, and let you know where you stand.

If you and your wife are co-applicants they will look at both credit scores individually. Sometimes, if one spouse's credit isn't so good, they will sometimes just use the other spouse on the loan app.

Do you need the names of some lenders? Let me know.

Sally
sally.grenier@coloradohomes.com
0 votes Thank Flag Link Mon Jan 17, 2011
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