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MORTGAGE CREDIT SCORE VS CONSUMER CREDIT SCORE

By Kim Pinnelli | September 20, 2023

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If you’ve ever applied for a mortgage only to find out that the credit score the
lender sees is much different than what you’ve found pulling your credit scores
from Experian or your credit card services, you aren’t alone.

Mortgage lenders use a different credit scoring model than consumers have access
to, which means they may see a different credit score than what you expect.

Here’s how they differ.


WHAT IS A MORTGAGE CREDIT SCORE?

Your mortgage credit score is likely FICO, a score created by Fair Isaac and
Company. Over 90% of mortgage lenders use this credit scoring model from all
three credit bureaus – Trans Union, Equifax, and Experian.

The credit scores range from 300 – 850 with 850 being the highest score.


HOW ARE MORTGAGE CREDIT SCORES CALCULATED?

Mortgage credit scores put a lot of emphasis on payment history and credit
utilization with other factors playing a role too.

 * 35% payment history – Your payment history tracks how well you make your
   payments. Any payment made 30 days or more past the due date hurts your
   credit score, whereas a timely payment history can greatly improve your
   credit score.
 * 30% credit utilization – Your credit utilization is a comparison of your
   total outstanding debt compared to your credit lines. For example, if you
   have a $1,000 credit line and you have $500 outstanding, you have a 50%
   credit utilization rate. Ideally, you should keep your credit utilization
   rate lower than 30% for the best results.
 * 15% credit length – The age of your credit affects your credit score too. The
   ‘older’ your credit is, the better it is for your credit score. Don’t close
   old accounts unless it’s absolutely necessary as this is an easy way to
   increase your credit score.
 * 10% credit mix – Lenders like to see that you can handle a variety of debt
   including credit cards (revolving debt) and installment debt (mortgage loans,
   personal loans, car loans, etc.)
 * 10% inquiries – Each time you apply for new credit or take out new credit, it
   slightly influences your credit score.


WHAT IS A CONSUMER CREDIT SCORE?

Consumer credit scores are the scores you see when you use services like Credit
Karma or check your credit score provided by your credit card company or bank.

Consumer credit scores use the Vantage 3.0 scoring model, which as you’ll see
below uses different factors.

 * 40% payment history – Your payment history is extremely influential in your
   consumer credit score, just as it is with your FICO score.
 * 21% age and type of credit – Next is your credit history length and type of
   credit, which is a combination of your credit length and credit mix with a
   FICO score.
 * 20% credit utilization – Your credit utilization rate doesn’t affect your
   credit score as much as it does with a FICO score, but it still plays an
   impactful role.
 * 11% balances – Higher balances, especially credit card balances, can hurt
   your credit score as lenders like to see lower balances for a lower risk of
   default.
 * 5% recent credit – Your recent credit activity including opening new accounts
   or even just applying for new credit can affect your future financial
   capabilities.
 * 3% available credit – It doesn’t have a large impact on your credit score but
   having too much available credit could show that you take out any credit
   that’s available to you even if you don’t need it.


THE MAJOR DIFFERENCES

As you can see, your payment history plays the largest role in both your
mortgage and consumer credit score. You must make your payments on time. From
there, the differences begin with credit utilization a major factor in lenders’
decisions since too much outstanding debt can make it hard to afford a new
mortgage.

Mortgage credit scores focus mainly on your payment history, credit utilization,
and credit mix. This is how they determine you are a good risk and could afford
the mortgage payment you’re applying for.


FINAL THOUGHTS

Even if you have a good consumer credit score, don’t assume your mortgage credit
score will be the same. Work with your lender to raise your mortgage credit
score using CreditXpert – achieve more purchase power and a lower interest rate.

You may also want to take care of any collections as quickly as possible as
depending on the FICO model lenders use, collections may get included in your
score, even if you’ve paid them. The more time in between when they’re paid and
when a mortgage lender pulls your credit though, the better it will be for your
credit score.

Sources: https://www.forbes.com/advisor/credit-score/what-is-vantagescore/,
https://www.investopedia.com/financial-edge/0212/how-is-fico-calculated.aspx

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Kim Pinnelli
Kim has worked as a freelance writer for the last 12 years. She have more than
15 years of experience in the mortgage and real estate industry and always stays
on top of the latest trends/news. She have a passion for empowering consumers
and lenders with information about mortgage lending.


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