Credit scores and home mortgage
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We’re in the market for a mortgage. We got our scores from the 3 major credit bureaus. Mine are 773/785/797 and my spouse’s are 782/791/801 respectively.
Should we wait a bit until our scores go over 800 or should apply now? We want to get the best terms!
Tnx
Exactly where did you get these scores?
The credit bureaus now sell consumers only vantage scores, which are on a different scale then FICO and are practically worthless. In fact, an 800 vantage score is mediocre at best.
Even if you got a “real FICO” scores, the scores you can buy as a consumer are different from the actual scores your mortgage officer pulls. Home lenders use special version of FICO called ‘Factual’ that can be 50 – 100 points off your “real Fico”.
In any case, Fico scores of 760 and above get the best interest rates, and anything above 800 is just bragging rights. So assuming these are the scores your loan officer pulled – there’s really no reason for you to wait for your scores to go up. Besides, in this score range it can take 3-4 years for your scores to go over 800.
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