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Credit scores are comprised of 5 factors. Points are awarded for each component, and a high score is most favorable.
There are three bureaus and each one may factor the scores slightly different. Occasionally you may find that some credit information is only reported to 1 or 2 bureaus, instead of all 3. This is why you may find each bureau reporting a different score. Each bureau does an analysis of the following 5 factors:
How much you owe
Length of time
Types of credit
Remember that the credit score is a computerized calculation and does not take in personal factors. It is merely a snapshot of that day’s credit profile and can even fluctuate from one week to the next depending on any changes in the reported data.
The credit companies typically report updates to the bureaus on balances, etc. at the time they print the monthly statements for that consumer. It may still take another couple days for the bureaus to report the update. While this is typical, there is no requirement and could vary depending on the creditor.
For additional information, please contact Julie Ozanich at 858-369-7510. All loans are subject to qualifying and may have loan size restrictions. NMLS #479603. Data provided by www.mortgagesuccess.com.
With a mission to provide a higher standard of mortgage lending services, Julie began her career in mortgage banking in 1990. To date, Julie has successfully closed over $1 billion in mortgage loans and helped over two thousand customers achieve their mortgage goals. Program availability may differ slightly in different states. Terms may vary. Subject to change without notice. Bank of Manhattan is not affiliated with nor endorses The Carmel Valley Life. NMLS# 401422.