Mortgage Myth #8: My Credit Karma Score is Great So Can You Use It?

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Mortgage and Lending with The Mortgage Outlet NMLS # 36861 NMLS # 3458 & NMLS 217190

Mortgage Myth #8: MY Credit Karma Score is Great So CanYou Use It?

 

This is the one of the biggest myths in our industry that most borrower do not understand.  Credit Karma and Fico are two different types of credit providing services. Credit Karma is an independent website that provides users free access to their Vantage 3.0 credit scores.  Fico officially the Fair Isaac Corporation, is a credit-scoring company utilized by both Fannie Mae and Freddie Mac in today’s residential lending environment.

 

Here is where things get confusing to the today’s consumers, Credit Karma has a credit range from a low of 250 to a high of 900, whereas FICO has a range from 300 to 850.  So, when a client has a 700 score with Credit Karma they most likely will not have the same score with FICO.  If they are using the Credit Karma scores when getting a pre-qualification or pre-approval they could end up with a huge surprise when their lender runs them through the FICO credit service.  To help you get your FICO scores directly you can visit our website and order your scores directly by clinking here.

 

Should you need further assistance please do not hesitate to call us at 631-589-3600   

 

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David Bailey and Erika Bailey

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