Home Loan – What credit score is used in your application?

Your Credit Minute Show Notes:

• 00:00                                   What’s up YouTubers, this is Nick Tsoukales with Key Credit Repair. And today’s credit question of the day is gonna be “Which credit score is used when I am applying for a home loan?” So pretty simple stuff, okay.
• 00:10                                   So let’s say for example we have a 750 credit score for Experian, okay. We have a 732 for Equifax, and then we have a 740 TransUnion, okay. A lot of people are gonna think, well Nick, it’s the middle credit score. Well, it sometimes is the middle credit score, so that’s not entirely incorrect, but in this case, the middle credit score would have been a 732, which is technically the lowest credit score, okay. So it’s definitely not the 732, okay. I mean it’s definitely not the lowest credit score, and it’s definitely not the highest credit score. A home loan um or a mortgage lender is gonna use something called the median credit score, or middle of three values. So in this case, what you’re gonna look at is you’re gonna stack up the three credit scores, okay. And you’re gonna look for middle of three values. So in this case, we have 740. So this is obviously the lowest, this is the highest, and this is the middle of three values.
• 01:01                                   So again guys, if you’re pulling your credit score, wondering which one is used for a home loan, it’s always gonna be the middle of three values. The credit score that you need for a home loan is always gonna be a FICO score, and the place to get that FICO score, aside from a mortgage lender is gonna be myfico.com.
• 01:15                                   Guys have a great day.