WHAT IS A CREDIT BUREAU SCORE AND HOW DO LENDERS USE THEM?
A credit bureau score is a number, based upon your credit history that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a loan. Ask your lender for details.
There are 3 national credit bureaus (companies). TransUnion, Experian and Equifax. They assign a score to all kinds of variables that show on your report (ex: number of accounts you have open, how many are at their limit, how have you paid them, etc.) These scores are totaled to give your overall credit score. Lenders take this score into consideration when making a loan decision. Your score is one of many factors that are considered be lenders.
A credit bureau score is a number, based upon your credit history, that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a loan. Ask your lender for details.
A credit bureau score is a number, based upon your credit history, that represents the possibility that you will be unable to repay the loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a loan. Ask your lender for details.
