A New Way to Look at Credit Could Help More Homebuyers Qualify

A lot of people who are ready to buy a home get stalled by the same thing: a credit file that doesn't tell the whole story. Movement now offers a way to look at credit that may change that.

VantageScore is available as an additional credit scoring model on eligible loans. It sits alongside Classic FICO, the scoring model most people know.

More of your financial picture may count

VantageScore can include qualifying rent, utility, and phone payments when they're reported to the credit bureaus. Bills you've paid on time for years may now be part of how your credit is evaluated.

Limited credit history doesn't have to end the conversation

Some scoring models need a longer or more recent history of credit accounts before they can generate a score. VantageScore can score some borrowers with limited or new credit history. For a first-time buyer, someone building credit, or someone who has avoided debt on purpose, that could be the difference between qualifying and getting turned away.

Recent progress can carry weight

A traditional FICO score offers a snapshot of what's on your credit report today. VantageScore also uses trended data, which looks at how your credit behavior has changed over time. If you've paid down balances or turned your habits around over time, this activity may be included.

Your loan officer uses it when it helps

A VantageScore can come out higher or lower than a Classic FICO score. That's why your loan officer can choose the correct credit model for you. 

It could be worth a second look if you were told "not yet"

If your credit wasn't ready a few months ago, or you're a real estate agent whose buyer got that answer, it may be worth a new conversation. The same credit history can look different through a different scoring model.

Every situation is different, and we can walk you through where you stand and what your options look like. Fill out the form below and we will reach out to get you started.

"Note : VantageScore® is a registered trademark of VantageScore Solutions, LLC."