Why Do I Have Three Credit Scores?
Many homebuyers are surprised to learn they don’t have just one credit score. Instead, you have credit reports from three major credit bureaus:
- Experian
- Equifax
- TransUnion
Each bureau collects information independently, so your credit scores may not be exactly the same.
Why Are My Scores Different?
There are several reasons why your scores may vary:
- Creditors don’t always report to all three bureaus.
- Information may be updated at different times.
- Each bureau may have slightly different information on file.
- Different scoring models may produce different scores.
A difference of a few points between bureaus is completely normal.
Which Credit Score Does My Mortgage Lender Use?
For most mortgage applications, lenders review credit reports from all three major credit bureaus.
Rather than using your highest or lowest score, most lenders use your middle credit score (also called the mid-score) when determining loan eligibility.
If there are two borrowers, the lower applicant’s middle score is generally used for qualifying.
Why Doesn’t My Score Match What I See Online?
Many free credit monitoring websites and credit card apps display educational credit scores that may differ from the mortgage-specific credit scores used by lenders.
While these tools are great for monitoring your credit, they often use different scoring models than those used during the mortgage process.
Can I Improve My Credit Score?
Yes. Paying your bills on time, reducing credit card balances, avoiding unnecessary new credit inquiries, and correcting any errors on your credit reports can all help improve your credit over time.
If you’re planning to buy a home, I can review your credit report and discuss steps that may help strengthen your mortgage application.
Ready to Apply?
Whether you’re just starting to build your credit or you’re ready to purchase a home, I’m here to help you understand your options and guide you through the mortgage process.
When you’re ready, you can complete a secure online application by clicking the button below. I’ll review your information and help you choose the mortgage solution that best fits your goals.