Credit Scoring Models with Timora Batarao

Q: WHY IS MY CREDIT SCORE DIFFERENT THAN THE CREDIT SCORE MY LENDER PULLED?

This is Timora with Veterans Lending Group. I wanted to take a little bit of time to help you as a real estate professional better help your clients, and if you are a consumer get ready for some insider tips.

Today we’re going to talk about credit and credit scores. Did you know that the credit monitoring industry is now a multi-million dollar industry? It is good for you to check your credit regularly. It’s important to stay on track and do the right things to improve or maintain a good credit score. However I want you to understand that those scores you are getting on the credit monitoring system are not going to be the scores that you get when you apply for a mortgage with the mortgage company.

Why? Because there’s different algorithms. FICO scoring models that are used to assess someone based on the type of credit they’re applying for. One scoring model is based off of say you are applying for a credit card that has a $3,000 limit. Another scoring model is basing your risk on your ability to pay back on a $300,000 home loan. Yes, it’s important to monitor your score. But the scoring and the score that you have when you look at those services, and when you apply for a mortgage are definitely going to be different.  We don’t get paid based off the rate you get. Therefore what we want to do is to help you to get the best score possible so you can get the most out of your VA Home Loan Benefit. Give us a call when you are ready to make the move.

Timora Batarao
Loan Officer
NMLS 1665923
U.S. Army Veteran
U.S. Army Reserve
Military Spouse (U.S. Army)
803.295.3902
tbatarao@vnlending.com


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