Timeline for Would Getting (and Paying) an Installment Loan Benefit My Mortgage Rate
Current License: CC BY-SA 4.0
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| Aug 20, 2019 at 14:33 | comment | added | Ben Voigt | And the way to not be "score-sensitive enough to want to understand the few points of difference from model to model" is to not be happy with "may already be in, or very close to, your credit union's highest grade", but be 30 points about the cutoff. That way if a different scoring system subtracts a dozen points, you're still ok. | |
| Jun 20, 2019 at 14:44 | comment | added | dwizum | @FatihAkici Glad you found it useful. Regarding your question - even among scores used "for mortgages," the specific FICO model used will vary based on the purpose and timing of the pull, from which bureau they're pulling, and exactly how the loan is written and funded. In the end, if someone is score-sensitive enough to want to understand the few points of difference from model to model, they should work with their specific bank or credit union to understand the exact process and which model(s) are involved. | |
| Jun 20, 2019 at 14:28 | comment | added | FatihAkici | Fantastic, comprehensive answer! Thank you for that. Not just me, but anyone else who has similar questions or trying to get an understanding of the relationship between mortgage rates and credit scores will benefit from your textbook-level answer a lot. Do you mind including the FICO type that is used by mortgage lenders in your answer and how it is different than other FICOs? | |
| Jun 20, 2019 at 14:24 | vote | accept | FatihAkici | ||
| Jun 20, 2019 at 13:57 | history | answered | dwizum | CC BY-SA 4.0 |