One Borrower Multiple Credit Scores

Earlier, Mortgage Secrets discussed the fact that any given borrower will receive a credit score from each credit repository. Should the credit data in these files materially differ, the corresponding credit scores will differ. This fact brings up the question: Which score will the lender choose to use if one or two of your scores fall below program minimums? To a certain extent, it will depend on the persuasive story you tell. In most instances the lender selects the lowest middle score of all applicants. If you and your co-borrower (spouse, relative, partner), respectively, show these scores, 580, 610, 655 and 720, 730, 760, the lender might very well use 610 as the relevant credit score for underwriting.

Borrowing Basics

Borrowing Basics

Some small business persons cannot understand why a lending institution refused to lend them money. Others have no trouble getting funds, but they are surprised to find strings attached to their loans.

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