Barak Papada…, Home Buyer in New York, NY

One more questions. Does any mortgage people or agents on here know about these credits scores? The bank gave me a copy of mine that says 770 but i

Asked by Barak Papadakis, New York, NY Sat Oct 27, 2012

went onto and it says i have 789 and both of these reports done on same day. Why i'm getting feeling of conspiracy with these banks to make people think they have bad credit so they can justify offering a lower rate.

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Christine Go…, Agent, New York, NY
Sat Oct 27, 2012
Hi Barak,

How are you? Hope you're doing well & this home search/mortgage inquiry hasn't gotten you too frazzled! I like credit karma & I recommend it to my clients who want to get a general idea of their creditworthiness and/or monitor their credit over the long term. It's considered a "consumer model" because you (the consumer) can get it for free & it doesn't affect your overall score when you request it. The report the lenders/landlords use is a "commercial model" because they're using it to make a determination about you & each time it's requested, your score is slightly diminished. As per their disclosure listed below, credit karma does not use FICO which is what the bank relies on.

As some others have stated here, either way 770 or 789 are both good scores & shouldn't make that much of a difference in a rate.

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at
"Home is where the heart is."
2 votes
Ron Thomas, Agent, Fresno, CA
Sat Oct 27, 2012
A Credit Score is actually 3 scores; Your's may be 789, 780 and 770.
A Lender can use any combination to justify their decisions.

770 is pretty terrific score, and 789 is exceptional:
These scores will yield a great Interest rate.
The difference between 770 and 789 is marginal, and nothing to hang your head about.

Good luck and may God bless
2 votes
Grace Walker, , New York, NY
Sat Oct 27, 2012
Hi Barak,

I'm a commercial real estate agent in New York City. Even though your credit is very good, you may be able to increase it to 800 to qualify for the lowest interest rates.

Different credit agencies may have varying scores depending on how they calculate items within your credit history. Both 770 and 789 are very good scores and fall within the range of 740-800, which is classified "Very Good". Obviously, you have managed your credit excellently as it is already very good. However, you may be able to tweek it to raise it a few points to 800 to get the very top interest rates by doing the following.

First, if you haven't already done so, it's a good it's a good idea to look at your credit reports from all three reporting agencies, Exerpian, TransUnion and Equifax. The U.S. government requires that you can get one free credit report a year, so you can request a free report online. Be sure you use the link below because when you google it, there are so many imposters, it's hard to figure out what is what.

Also, myfico has suggestions how to improve credit. Someone with your score is no doubt doing practically everything right, but there are a few tips, such as not closing old credit card accounts (they show longevity of credit) and maintaining small balances that you pay off monthly. Also, it's a good idea to pay off all store accounts (e.g. Macy's) as they lower your score slightly. Here are some myfico pages that may be of help.

Hope this demystifies the credit score process and helps you get a better score, Barak.

Please let me know if I can be of further assistance.

Grace Walker
Commercial Real Estate Agent
1 vote
Gail Gladsto…, Agent, 11743, NY
Sat Oct 27, 2012
The credit scores you pull yourself that are not from the three reporting agencies in no way have anything in common with the credit reports pulled by the bank.

Also, the bank pulls the three and uses the middle score. Trust what the bank is telling you.

A score of 770 is terrific; no worries.
1 vote
Don Tepper, Agent, Burke, VA
Sat Oct 27, 2012
Very good answers here already.

One additional point: There really isn't a big difference between 770 and 789. Both are extremely good. I'm not aware of any programs that, for example, would reject you at 770 but accept you at 789. And the other answers have already pointed out why variations exist, even if you're really talking about apples-to-apples.

Also, if someone has bad credit, they'll be charged a higher rate, not a lower one. Although in today's climate, a poor credit score probably will just get you rejected outright. Back in the "olden days," someone with a lower credit score could get a loan, just at a higher rate. The higher rate reflects the additional risk the bank is taking in making the loan.

Hope that helps.
1 vote
Janet Nation,…, Agent, Baldwin, NY
Sat Oct 27, 2012
Excellent question and a common confusion amongst many. What you received from was your credit score, and what you received from your mortgage broker was your FICO score. The FICO score is what counts, it's a detailed reporting of your present and financial history. Lenders do not work with credit scores, they work with FICO scores, they want to see your ability to pay back debt which they may not get from a credit score reading. Hope that helps.
0 votes
Kevin Bethel, Agent, Riverdale, NY
Sat Oct 27, 2012
Hi Barak, it's difficult to compare credit score websites to that of an actual lender. While the numbers should at least be similar in range, oftentimes, the scoring models used to arrive at that score will be different.

Here is a great article that may offer some insight into your question: "What's in a Credit Score? More than You Might Think, and It's Constantly Changing"
0 votes
De Vonte Wil…, Agent, East Point, GA
Sat Oct 27, 2012
Hello Barak. Ron is correct. There are 3 different credit scores. One from Experian, TransUnion, and Equifax. CreditKarma only pulls your TransUnion score. You could order and obtain all 3 of your scores and reports, and verify for yourself.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
"I Stand Behind Getting You Results!
0 votes
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