Credit score difference...will I get a good rate???

Experian score---725 TransUnion---671 Equifax---690 Why are my scores so different? Also, what rates do banks usually look at and what score will i need to get the rates published by mu bank?

Public Comments

1. credit scoring is credit history. having a credit card with a limit and paying it back will help credit score, paying off catalogues help, also direct debits such as phone, tv license, sky, etc really help. oh and having regular money going into your bank account helps alot too.
2. Each bureau scores based on their own historic data and their own credit scoring weighted criteria - so, usually three different scores. The spread on yours is not unusual, and a 690 middle score for home lending is very good. Banks are usually fine with a 690 score, but there are many other variables besides just credit score that go into a loan decision. Your score is usually considered optimum when it rises above a 720, but any difference in rates should be negligible if doing a primary residence with a solid down payment purchase or no cash out refinance.
3. Each bureau has their own scoring model. In addition, some accounts do not report to all 3 bureaus so they can each contain different information. Your middle score id the score that is used for mortgage qualifying. 690 is a good score but is very close to being "A" paper (720+) and can possibly be rescored to achieve that. Here is some additional info. Hope this helps.
4. When a bank is looking at your credit scores for loan approval they are taking you median sore, which is 690 in your case. While that's not the greatest score, it certainly isn't bad and you should have no problem getting a loan (assuming your debt to income ratio is also good)
5. God only knows how they come up with the range of numbers that they do. The low one is usually the most nitpicky about unpaid debts, slow payments, etc. Most places will either average those three together, or take the middle one. Yours is pretty close to mine, so as long as you don't have any large outstanding debts you should be able to get a good rate. (its strange, because by not paying on a debt, you can actually raise your credit score - when you start paying on it, it will come current, and drop your score, though having outstanding debts will keep you from getting long term fixed mortgages and stuff).
6. There is always a difference in your credit score. The reason is different creditors report to different agentcies. Most mortgage lenders will use your middle 690 score. There are some that will use the average of all three and some that can use the high score. The rates also will depend on the loan to values percent that you are borrowing ie.. home worth $100,000 with a loan amount of $80,000 will be 80% loan to value (LTV). Also they take into consideration is you debt to income (DTI), this is how much you are spending compared to how much you make, lenders want this to be under 50%. The lower the LTV and the DTI the better rate you will get. You should qualify for for a rate in the low 6% range. Watch the closing costs as well. You do not want to pay to much. Good Luck, and if there is anything else I can answer feel free to contact me.