Credit Scores; My take

There are several "new" credit scoring methods now on the Internet. Some scores are over 900. What does that mean? Unknown. It's like Celcius, Absolute or Kevlin to the U.S. standard of Fahrenheit. In the Mortgage industry, we use the FICO (FICO is a trademark acroynm for Fair Isaac Company) score as the industry standard for all agencies. A Mortgage report merges information from the top three credit reporting agencies, giving you Three similar and close, but usually different scores based on your use of credit and the past history. We take the Middle of the three scores (the number, not the average) and use this to qualify your rate. The more you "run" or "pull" your credit report, the more Dings or Inquiries you'll have on your report. When considering a Real Estate financing opportunity (purchase or refinance), only let your #1 choice lender pull your credit, and avoid buying a vehicle, pulling your credit report, opening charge cards, increasing limits and/or ping-ponging debt. Let your lender (me) pull your report and we'll go over it together. I'm a master at credit repair, score improvement and debt structuring. Credit: It's Really important. Call an expert. Pat Townsley, Mortgage Broker. www.PTRE.net, 800-646-5527