It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
The reason why your score is higher with vantage is because where FICO scores go from 300-850, vantage goes from 500-900.
As far as I know, all banks use FICO.
As I said earlier, the body of your report-which accounts are delinquent, late payments, balances due, etc. should be the same.
I hope this helps.
The body of the report might be the same, but if you want to know the score a bank would go by then you need to have your credit report pulled by a lender.
Hope this was helpful. Good luck.
When applying for a mortgage loan they usually use the middle score. You should request copies of your credit from each of the credit agencies. Your credit score can change due to opening new credit lines, charging close to your credit limits and also closing accts. Another thing to remember is if you have a mortgage doing a mortgage modification or shortsale will also effect your credit score by 100 points or more. So watch out for all the department stores trying to give you discounts to open new credit cards. What I have heard from several money advisors is to pay off your credit card etc but to leave the lines open. Remember the most important thing is to pay everything on time.
There are many scoring systems in use but the original credit scoring system was developed by Fair Isaac and Company, and is used to establish a borrower's score as it relates to their likelihood of paying back on a mortgage or other loan. FICO Scores are calculated from a lot of different credit data in your credit report. The calculation is 35% Payment history, 30% amounts owed, 15% length of credit history, 10% new credit, and 10% types of credit used. Each of the three main credit reporting agencies, Equifax, Experian and Trans Union use variations of the FICO score to meet their specific requirements. Lenders will use the FICO score from all three credit reporting agencies and may use the middle score to base their decision upon. Hope that helps.
Long and Foster