Credit Scores: Don't Waste Your Money

Did you know that your credit score that you purchase online is
not the same credit score your loan officer gets?

You probably know that when you apply for a mortgage, your loan
officer gets all three credit reporting agencies reports with
three different scores. From your three credit scores, most
mortgage companies use your middle credit score to determine
your credit worthiness.

Do you know that the credit score an auto dealer sees is not
the same credit score your loan officer sees?

Imagine our surprise to find out that my husband's credit score
for purchasing my new car one afternoon was 50 points higher
than his top credit score was earlier in the day when he
refinanced an investment house. This happened because credit
scores get computed differently for mortgages and auto loans!

If you think that you have a great credit score because you
recently bought a new car, think again. You may have been told
that your credit score was 700 by a finance company. Therefore,
you think that you have the perfect credit score to buy a house.
Don't be surprised to hear from your loan officer that your
credit score falls short of a prime rate mortgage loan.

You don't want to have your credit history checked too often.
You do get a small penalty with a few points deducted when you
have too many inquiries on your credit report. However, when
you're shopping for a car or a home loan, the credit reporting
agencies batch your inquiries into one. In other words, you can
call several mortgage lenders to shop for the best terms and
rates without losing points.

Don't waste your money buying your credit scores. These scores
are not the ones real estate lenders get. Instead, get your
credit scores FREE by calling a loan officer.

Copyright © Jeanette J. Fisher


About The Author: Jeanette Fisher teaches how to get out from
under credit card debt, how to use credit to make money, and
six ways to build strong credit to finance your first home and
multiple investment properties. For a free ebook "Credit Tips
for Mortgage Financing," see http://worryfreecredit.com/

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