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Posted by Jeff Strickland on October 28, 2005, 12:02 pm
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> Hello,
> In another forum, I read about this free instant approval online credit
> card search website. Has anyone used this type of service? Is it any
> good?
>
> http://www.getcreditcardtoday.com
In my experience as a mortgage loan officer, the answer is no. The free
credit report gives a score, and that's it. If you want the details, then
you have to pay a fee -- typicaly inthe range of about $50. I had a customer
that paid the fee to get the detail report, and it gave her a score of
something like 720, she was all excited that her credit problems were over
and she came to me for some of her home equity. When I ran her credit, the
actual score was in the range of about 625, and she didn't qualify. In the
interest of full disclosure, I could get her a loan with her score but the
loan was a painful one, not at the rate that she would get with the 720
score.
Consumer credit scoring and mortgage credit scoring are apparently done on a
different model, and this explains the different scores. Are they really
different models? I don't know, but I do know the scores are different.
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