A strong credit score is important when applying for a mortgage, but it is not always the only thing a lender or loan program reviews.
We recently reviewed a situation where the credit score looked strong, but the full credit history did not meet the specific program guidelines.
Some loan programs may also look at the depth of credit history. That can include how many credit accounts a borrower has, how long those accounts have been established, and whether the borrower is the primary account holder.
One thing to consider is that authorized user accounts may help a credit score, but they may not always count toward certain loan program requirements.
This is why reviewing the full credit picture early is so important. A FICO score is only one part of the conversation. The details behind the score can matter too.
The goal is simple: know the details upfront so there are fewer surprises later in the process.
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Miguel Terrazas
Mortgage Planner/Planificador Hipotecario // NMLS #227518
