Are all credit score websites accurate in determining your score?
Answer:
The only place that you can get your "true" score is from myFICO.
Any of the others, including the credit bureaus scores are "not" true scores.
Must be. No one will give me credit.
In the scoring system that the big three use:
* If your credit score is over 800, you're in the top 10% of the populace. (Over 850 is considered excellent.)
* If your score is about 710, you're right in the middle. (Half of the US population is better, and half is worse.)
* If your score is below about 575, you are in the bottom 10%.
I think you got a bad response from that website. I've never heard of anyone having a 925 and I've only ever seen 800-850. Your score may not even be an 819 if you are only marked as good. I would try www.freecreditreport.com and try and get one from all three unions. You can actually get one free per year from each credit union, TransUnion, Equifax and Experian. Also, don't just focus on your score. Creditors look not only at your score, but if you were ever 30+ days late on any payments, if you have any collections reported and what percentage of credit available do you have. If you owe more than 50% of the available credit (i.e. more than $50 on $100 available, more than $500 on $1000 available) that has a negative effect on your score and how they view your credit. Keep in mind you might qualify for "first-time homebuyer" grants and make sure you have a good amount to put down as a deposit. Also, look at your "debt-to-income," or DTI, which means you take how much you pay in bills per month and divide it by how much you make per month. The lower the percentage your calculator says, the better the rate will be for your mortgage and how much you qualify for. Good luck!
I read an article on Yahoo! News awhile back that talked about the 3 reporting agencies not using the same standards and that they were going to be collaborating on a system they would all use. Generally 850 is the highest so you might want to try experian or equifax.
Also, it is www.annualcreditreport.com where you can get free credit reports from all 3 free each year. These reports however do not have your credit score, you must pay extra for that. www.freecreditreport.com requires signing up for their credit monitoring program.
There are 4 major credit reporting agencies and they will all differ slightly with your info and your score. Having an 819 for your credit is not just good, it is excellent. As a first time home buyer with that credit score you will have no problem getting financed with a great rate and plan. You should check out freecreditreport.com, they have access to all the agencies and can give you a report that has them on one page side by side so you can see how they differ. Regardless of that, you have great credit and shouldn't worry too much. Good for You!
If you want your 'true' credit score, you should go to www.myfico.com. This is the company that all creditors obtain their scores from. 819 is an excellent score and you will receive the best interest rates and terms when applying for a mortgage. Each credit bureau has it's own score system that they use but they are not accurate with the FICO scores. The scores the credit bureaus create are just their own method of getting you to buy their scores and getting your money but no one but you will ever see those scores. Only FICO scores count :)
Also keep in mind that lenders typically will take your middle credit score as a mitigating factor in the approval process for a home loan. Example: if your credit scores were as follows- Experian Credit Score 819, Trans Union Credit Score 780, Equifax Credit Score 760
The lender will take your middle credit score of 780 as the qualifying score as well as other factors like Debt to income ratio, time on job, or in the same profession,etc.
One other important factor you should know is that there are generic scores and custom scores. Lenders often use custom scores compiled from credit reports combined with other in house data from their portfolios such as account history which will show your score different than if you went directly to the credit bureau.
Also something that many people don't know is that depending
on how newly updated the software version the lender uses (or the outsourced company they use) to access your credit report with the credit bureaus can also determine your credit score which may differentiate with what you know it to be (if you you have been keeping track)
I have seen the above happen to myself many times with my own credit report with various loans as an investor.
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