Does pulling your score from eloan create a hard inquiry? Also, if it says the score is from transunion then why would my eloan score be 70 points lower than my currect transunion score? thanks
Eloan score is not the same as TU score. Eloan uses a formula from Neuristics Inc, called creditXpert (not to be confused with Experian's CreditExpert) to calculate a score based on info from your TU report. TU uses their own in-house scoring model to generate a score from your TU report data.
No it defiantly does not pull a hard inquiry it will however create a soft inquiry. The E-loan score is in a normal FICO scale of 300 to 850 and should be close to your Beacon score from your Equifax credit report. The TU score is on a scale of 150 to 934. The spread between my TU and E-loan scores is about 76 points so that sounds about right.
Picantel, Good question I was about to ask the same thing... I pulled my Eloan score just to see where I was at. I am @ 584
Has anyone ever gotten or applied for a mortgage from eloan. There score is less than, way less, my tu,eq, and ex scores. Also, when you get the basic info if you qualify it asks you your loan you want and the appraisal. The house we are looking for is like 20 grand below appraisal. If we put 70k for loan and 90 k for appraisal does this mean they are assuming we are putting 20 k down or it is just the appraisal difference. When I put both as 70k it said no loan available but if I put 70 and 90 it listed some loans I would qualify for.
Have you tried putting in a loan of $70,000 and house value of $73,500. 5% down? Just wonder what that will show.
Picantel, I will be closing on a house hopefully within the next 30 days. You may want to talk to a mortgage person about something called "gift of equity". In short, if the the equity in the house is over 20%, you don't have to use a down payment. The equity is the down payment.
Wow that is very interesting. The house is appraised at 90,000. A bank/repo company owns it. The current price is 75,900 so 20% would be 72000. I am quite sure I could get it at that price. Since there would be 20% equity(it was a foreclosure and needs some work) I wonder if you could then get a home equity loan with the available equity left to fix up the house. Now I just need to find some closing cost money sigh.
