@robertjordan1960 wrote:
As the other community member stated you need to have them report to the credit bureaus (Note all three of them: Experian, Transunion, and Equifax) since when lenders are considering home mortgages they pull all three credit reports unlike a credit card which may only depend on one of the three credit bureaus to obtain a new card. Note that your credit score for obtaining a credit card is not the same as the one as for a car or other installment loan or a mortgage. A high FICO score on one type of credit is not the same as a high FICO score on the other types of credit. If you take a trial of Experian credit works or another service like that but cancel before the trial is up to avoid a approximately 20 dollar a month fee you can see how all three credit bureaus FICO score not just the averaged FICO score but the specific FICO scores from each credit bureau that are used by creditors that they use when someone apples for a specific credit product: mortgage, a credit card or installment loan (examples include car, personal, student loan).
Well, there are over 60 different official FICO scores, you would have to ask the lender which one they use.
There is a general score, and then sector-specific scores for cars, mortgages and other types of credit. (The general score runs from 300-850 and the sector scores run from 350-900.) Then, your score can be slightly different if calculated from Experian, Equifax or Transunion data. Then, the current FICO method is called Model 8, but some lenders still prefer to use model 2, 3 or 5. And model 10 is in beta-test. So 4 scores x 3 bureaus x 4 models = 48 and I think there are some other variations I missed.
But when you apply for a loan, you don't really know if they are going to use the general score or a sector score unless you ask them.
