credit score and mortgage

[reid]

what is the highest bucket of credit scores that you need in order to get the lowest interest rate for your mortgage?

My mortgage broker in Toronto got me very low rate with 700 credit score and two positive trade lines. These were the rates offered to me https://www.butlermortgage.ca/rates/ Which was pretty good. As I was not  sure about the loan amount I require I went for HELOAN .

[yr]

I've been told that getting multiple credit checks for a mortage within a period of time (30-45 days) all bunch up into one credit check on credit reports. Therefore,  it's not as bad as applying for a bunch of credit cards one after another. Can anyone with industry knowledge confirm this?

[Sport]

I've been told that getting multiple credit checks for a mortage within a period of time (30-45 days) all bunch up into one credit check on credit reports. Therefore,  it's not as bad as applying for a bunch of credit cards one after another. Can anyone with industry knowledge confirm this?

I think you need to request that they combine them. I had a broker pull my credit a 2nd time, without my permission ( one of the many reasons I left her and found a much better broker) and it showed up seperatly on my report. Didnt cause much harm so I let it stay.

[pixi]

I've been told that getting multiple credit checks for a mortage within a period of time (30-45 days) all bunch up into one credit check on credit reports. Therefore,  it's not as bad as applying for a bunch of credit cards one after another. Can anyone with industry knowledge confirm this?

If you apply in the same day even though you apply for 10 credit cards (from the same bank) it will remain 1 pull.  Some people reporting that by calling the CB you can get your pulls (from one bank) combined if it's in the same 30 days.

[ckmk47]

I've been told that getting multiple credit checks for a mortage within a period of time (30-45 days) all bunch up into one credit check on credit reports. Therefore,  it's not as bad as applying for a bunch of credit cards one after another. Can anyone with industry knowledge confirm this?

It may not 'bunch up into one credit check', but it's only counted once when they calculate your credit score.  (car loans, too.)

[Zalc]

I think you need to request that they combine them. I had a broker pull my credit a 2nd time, without my permission ( one of the many reasons I left her and found a much better broker) and it showed up seperatly on my report. Didnt cause much harm so I let it stay.

Who do you need to request from?

[Sport]

Who do you need to request from?

Credit reporting agency.

Sent from my LG-D851 using Tapatalk

[Galitzyaner]

I've been told that getting multiple credit checks for a mortage within a period of time (30-45 days) all bunch up into one credit check on credit reports. Therefore,  it's not as bad as applying for a bunch of credit cards one after another. Can anyone with industry knowledge confirm this?

The information I'm seeing online (and hearing from loan officers) is all over the place.
Some say 14 days, some say 45 days.

Anyone know a definitive and authoritative answer on this?

[CountValentine]

The information I'm seeing online (and hearing from loan officers) is all over the place.
Some say 14 days, some say 45 days.

Anyone know a definitive and authoritative answer on this?

Both are correct. If they use older FICO models it is 14 days and current FICO models are 45 days.
If want to be 100% sure ask at creditboards.com

[Galitzyaner]

Both are correct. If they use older FICO models it is 14 days and current FICO models are 45 days.
If want to be 100% sure ask at creditboards.com

Hmmm. So I presume from your answer that some companies still use the older model...

[CountValentine]

Hmmm. So I presume from your answer that some companies still use the older model...

Yes and some also use Vantage 3.0 that I believe is 14 days. Have some mortgage experts here and hopefully they will chime in.

[Galitzyaner]

People must be aware that the score Credit Karma et al provides is very often greatly inflated.
In one very recent case, the score provided to the bank was more than 80 points lower (on that day) than CK!
I understand they may perhaps use different scoring models, but many still expect it to be somewhat approximate.

[CountValentine]

People must be aware that the score Credit Karma et al provides is very often greatly inflated.
In one very recent case, the score provided to the bank was more than 80 points lower (on that day) than CK!
I understand they may perhaps use different scoring models, but many still expect it to be somewhat approximate.

CK is 100% useless for a score. It can be 100+ points higher or lower and no mortgage company uses it.

[Galitzyaner]

CK is 100% useless for a score. It can be 100+ points higher or lower and no mortgage company uses it.

Obviously no mortgage company uses it. But most people still use it to get an approximate "feel" of where they're holding.

[CountValentine]

But most people still use it to get an approximate "feel" of where they're holding.

BIG mistake.

[moko]

Obviously no mortgage company uses it. But most people still use it But most people who still use it to get an approximate "feel" of where they're holding, are clueless

ftfy. Not sure why you think most people use it

[CountValentine]

ftfy. Not sure why you think most people use it

I would say less than 10% (being generous here) of the people I know what a real credit score is (FICO).

[yelped]

I would say less than 10% (being generous here) of the people I know what a real credit score is (FICO).

I've see the FICO model my mortgage broker use give me much lower scores (40-60 points) than whatever FICO score Discover, NFCU, and Experian provide.

[CountValentine]

I've see the FICO model my mortgage broker use give me much lower scores (40-60 points) than whatever FICO score Discover, NFCU, and Experian provide.

They are differnt FICO models they use for mortgage and credit cards.

[AsherO]

They are differnt FICO models they use for mortgage and credit cards.

There are so many different FICO models that I don’t think there’s a single human on the planet who knows all the ins and outs of each one without having to check.