Re:What happens after a bank closes all of your credit cards?
by Spivak on Saturday April 10, 2021 @04:27PM
(#26764834)
Mortgages definitely use credit scores — they just don’t only use credit scores. Without that data point they would have a hard time evaluating if you’re a good borrower. They can independently evaluate if you could pay your mortgage but not that you actually will.
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Re:What happens after a bank closes all of your credit cards?
by lotsofpulp on Saturday April 10, 2021 @04:30PM
(#26764861)
I specified FICO scores. Mortgage lenders might also use their own credit scores, or credit scores from a different data analytics company.
Either way, a score is just a heuristic to avoid wasting underwriter’s time combing through someone’s finances. Once you pass whatever score hurdle a mortgage lender has set, you still have to pass the manual review.