HELP with credit score--I DONT UNDERSTAND HOW TIHS COULD BE???

ok, so DH and I are shopping for mortgage got a pre approval from one place--which I won't mention and they said they ran our credit well they said my husband's credit was pretty low, now we thought it may not be as good as mine but were a bit surprised. Anyway, we went to the annual credit report site and ran his credit two different ways- trans union and experian and in BOTH cases it was more than 65 points higher and in one almost 89 points higher---HOW IS THIS POSSIBLE? We are going to go to antoher lender and play a little dumb and have them run credit on us as well... the first bank that pre approved us is making us pay points becasue of his credit and told us they take the lowest of the scores...is this correct? Is annual credit report correct? we couldn't run his credit on the third equifax but I can't imagine it would come up so much lower or pull him down that far????? What's the deal???

Re: HELP with credit score--I DONT UNDERSTAND HOW TIHS COULD BE???

Weird...

Not sure who you went to, but I highly recc Continental Home Loans...they did the most FHA loans last year...most people have been super happy with them.

Re: HELP with credit score--I DONT UNDERSTAND HOW TIHS COULD BE???

Thanks...have not been to them yet, we'll give them a call it can't hurt. We are doing a conventional mortgage though, not FHA, not sure if that makes a difference.

EDITED- becasue I can't type!

Message edited 5/10/2010 10:06:27 PM.

Re: HELP with credit score--I DONT UNDERSTAND HOW TIHS COULD BE???

When the banks pull your credit they look at all 3 bureaus and go by your middle score. So if you know two scores and they're both higher than what the bank told you, that's weird, because what they told you couldn't be his middle score.

Credit scores can change in a day, though - if you make a big purchase on a credit card or pay off a large balance, that affects your credit-to-debt ratio for example. Did you pay off any cards recently? That could have had a positive impact on his score.

Re: HELP with credit score--I DONT UNDERSTAND HOW TIHS COULD BE???

Did you ask the bank to see the scores? tell them you want to see the print out - you have a right to see that. If they dont show it to you -- i wouldnt trust them and go somewhere else.

When i got my mortgage - the company gave me a copy of the printout so we have it.

Re: HELP with credit score--I DONT UNDERSTAND HOW TIHS COULD BE???

wow, now I am even more confused as he has not paid off any large balances-- he really doesn't have any.....we are contacting them today to see whats up, something doesn't add up....

Re: HELP with credit score--I DONT UNDERSTAND HOW TIHS COULD BE???

i will be looking to get preapproved soon and i had asked my sister in law's brother a few q's regarding preapproval ( he is a mortgage broker)
anyhow, i had asked him why i can't print out my own credit reports and bring them to the bank to get preapproved as opposed to having my credit check and then lowering my score .. well it turns out that the banks use a much more accurate credit report. the ones we find online are more consumer credit reports. the credit report the banks pull up are much more legit

that could explain why you are both seeing different numbers...

Re: HELP with credit score--I DONT UNDERSTAND HOW TIHS COULD BE???

you have a right to see the report. every time we had it run with a mortgage company they actually sent it to us, without even asking

They have to base their info on something

Did you call them and tell them you found a different score?

Credit scores do change often, but it shouldn't be that huge

Also- they use 3 scores and take the median of them I think so that could be the difference

Either way you have a right to know. request a copy