Hey everyone. My wife begins her medical residency in June, and now that we have income (we were both students for a long time, and I am still a student), we are looking to purchase a house. She has better credit than me, but the other advantage of the loan being in her name is that she can get a physician's loan, which allows for no money down, no PMI, student loans not being factored into DTI, and several other things.
My wife checked her three-credit report on Experian last week. According to the numbers she received, she met the requirement of the middle score being 680 - her low number was 683, her middle number was 690, and her high number was 692 (Experian, Transunion, and Equifax, respectively). After seeing that, she called a mortgage banker in the same city as her residency and inquired about a physician's loan. He pulled her numbers, but for him, the numbers came back as 665 (Transunion), 679 (Equifax), and 702 (Experian). We were a little confused as to why his results were different, but he recommended that we try and pay a chunk of one of her credit cards to get the score to go up.
We paid roughly 50% of the balance on one of her credit cards and waited a couple days before checking her score again, even getting the credit card company to push through an update to the credit bureaus. When she checked her scores on Experian again, they were 685 (Experian), 690 (Transunion), and 698 (Equifax). We thought we were clear, so she called the same guy at the bank today and had him pull the scores again. When he pulled the scores, they came back as 678 (Transunion), 679 (Equifax), and 725 (Experian). Yet again, we fall short by one point.
Is there any reason for this discrepancy? Why are his numbers so different, and why did the middle number on his end stay the same, even after the credit score went up? Any advice/insight is much appreciated.
Submitted March 31, 2020 at 05:41PM by Kody624 https://ift.tt/2R0KmWG
