Credit score question

[genchan]

When you apply for a home loan, what does the bank actually look at? Do they look at all the details of the credit report or do they only look at your score to determine what rate you qualify for? Would a bank look more closely at the credit report than say if I were to apply for credit from a credit card company?

[amomof4]

It's been awhile, so I'm probably not the best person to give advise, but I'll put in my 2 cents.

These are things the mortgage company looks at:

Credit score (includes the details)
Lenght of time at employment
debt to income ratio
down payment (can be a gift from someone)

Maybe somebody in the mortgage business can give u more stuff, that's all I can think of right now. If your situation is "if'y" I'm sure they look at other stuff to.

[MrsChambers]

most banks look at the credit report itself.. they usually only pull ONE of the three however... most lenders for a home will make you pay off your old bad debt on your credit report BEFORE they will close on the home.. so that means if you are looking to get something NOW.. then you will have to contact those collection companys and pay up...
it is best to get your credit report and clean it up!.. it's better to find out what credit reporting agency your lender pulls and focus on that report.
basicly, you can get financing for anything with any kind of credit score!! .. you will just have a MUCH higher price to pay if you have alot of negatives on your credit reports.

)

[terry1156]

From my (limited) understanding, the bank would first look at your credit score. If it is high enought, they probably will automatically approve the loan without looking at the details.

If it is less than their minimum requirement, they will most likely take a closer look and look at the entire report and make their decision from there.

Credit card companies I think rely much more heavily on the score. That will determine what card you qaulify for with how big a spending limit and at what interest rate.