?Home Buying: Why Are My Credit Scores So Different? ?
I get asked this question a lot and the answer is quite simple. Without going too in depth, the main reasons are;
?Each company is it’s own separate entity. Without being connected to one another, they can and will compute information differently.
?They may also have different scoring models and give more weight towards certain accounts and trade lines that show up on that individual bureau.
?Not all credit or trade lines get reported to all 3 bureaus. Each bureau may have different information used in computing that score. If one bureau has more derogatory (bad) things that are reporting, that score may be significantly lower.
?How accurate are my credit karma scores and why are they so different from the ones you pulled? ?
Credit Karma is a GREAT application to use to keep track of your scores and overall report. It’s great at notifying you when changes occur or when new things hit your credit.
Keep in mind that in some cases you will see a significant difference between these scores and the scores pulled during the home loan process. So don’t reply strictly on those scores to determine your readiness to purchase a home.
Check out this video as I explain this.
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Lonnie Wilborn Jr – NMLS 1570171
Mortgage Loan Officer
AmeriFirst Financial, Inc.
480-646-7220
lwilborn@amerifirst.us
