Which Score Actually Gets Pulled?
When a mortgage lender runs your credit, they do not see the same number you check through a free app or your bank's dashboard. Those scores are often FICO Score 8 or VantageScore 3.0, which are useful for general credit monitoring but are not the versions mortgage lenders have traditionally relied on.
For conventional loans intended to be sold to Fannie Mae or Freddie Mac, lenders have historically been required to pull a tri-merge report. That single report combines your credit file from all three major bureaus and includes the bureau-specific FICO Score tied to each:
- FICO Score 2 (Experian/Fair Isaac Risk Model v2)
- FICO Score 4 (TransUnion FICO Risk Score 04)
- FICO Score 5 (Equifax Beacon 5)
These older model versions were designed specifically for mortgage underwriting and weigh factors such as payment history, balances, and length of credit history in ways calibrated for long-term, high-balance lending decisions.
How Lenders Choose Which Score to Use
After pulling all three scores, most lenders take the middle value, not the average and not the highest. If your three scores are 640, 670, and 710, the qualifying score is 670.
For a joint application with a co-borrower, both applicants go through the same process. The lender then uses the lower of the two middle scores. This means a co-borrower with a lower credit profile can reduce the qualifying score for the entire application. That trade-off deserves careful thought before adding or removing someone from a loan.
A Meaningful Change Is Underway
In 2022, the FHFA announced a phased transition away from the classic FICO Score models. The plan calls for lenders delivering loans to Fannie Mae and Freddie Mac to eventually use FICO Score 10T and VantageScore 4.0.
As of mid-2025, lenders may choose between VantageScore 4.0 and classic FICO Scores for conforming loans. FICO Score 10T adoption is still being phased in.
Both newer models differ from the classic versions in meaningful ways. They can factor in rental payment history if it appears in a borrower's credit file, track trends in credit utilization over time rather than just the balance at one point in time, and treat certain medical collections differently. For borrowers with thin credit files or histories that include rent payments, newer models may paint a more complete picture.
Lenders who keep loans in their own portfolio, rather than selling them to the government-sponsored enterprises, are not bound by these requirements and may use any scoring model they choose.
Score Minimums Vary by Loan Type
Different programs set different credit score thresholds. These are program minimums, not lender guarantees. Individual lenders can and often do require scores above the program floor.
A common misunderstanding is treating the program minimum as the target. In practice, the score needed to reach a favorable pricing tier may be considerably higher than the floor. Consulting a licensed loan officer can help clarify where your score falls relative to current guidelines and any lender overlays. This is not a commitment to lend. All loans are subject to credit approval.
Credit Score Is Not the Whole Picture
Qualifying for a loan and being in a financially strong position to take one on are not the same thing. Lenders look at several other factors alongside your credit score:
Debt-to-income ratio (DTI). Lenders compare your total monthly debt obligations to your gross monthly income. A lower DTI signals more room in your budget for a mortgage payment.
Employment and income stability. Lenders typically want to see consistent, verifiable income. Recent job changes, gaps in employment, or self-employment income may require additional documentation.
Assets and reserves. Beyond the funds needed to close, lenders often want to see that you have savings left over. Reserves demonstrate that you can absorb an unexpected expense without missing a payment.
Loan-to-value ratio (LTV). This compares what you are borrowing to what the home is worth. A higher LTV means more risk for the lender. On a conventional loan, an LTV above 80 percent typically triggers private mortgage insurance (PMI), which is added to protect the lender if the borrower defaults.
What to Do Before You Apply
An overlooked step is pulling your credit reports before a lender does. Federal law entitles you to a free report from each bureau through AnnualCreditReport.com. Review each one for errors, accounts that are not yours, or outdated negative marks. Inaccurate information can be disputed directly with the bureau reporting it.
Beyond corrections, three practical habits tend to have the most impact on mortgage-relevant scores:
1. Pay every bill on time. Payment history is the single largest factor in most scoring models.
2. Lower revolving balances. Credit utilization, the ratio of your balance to your credit limit on revolving accounts, affects scores significantly. Paying down card balances before applying can move scores meaningfully.
3. Avoid opening new credit accounts. New applications generate hard inquiries and can reduce the average age of your accounts. Both can nudge scores lower at a time when stability matters.
If the scores you monitor through a free service look strong but you are unsure where your mortgage-specific scores land, asking a loan officer to walk through a soft credit review before a formal application is a reasonable step.
*Reviewed by Keshabi Acharya, NMLS #2014557.*
*Intra-National Mortgage, NMLS #2620605. Equal Housing Opportunity / Equal Housing Lender. Verify licensing at [nmlsconsumeraccess.org](https://nmlsconsumeraccess.org). This content is for educational purposes only and does not constitute individualized financial, tax, or legal advice. Consult a licensed loan officer or qualified professional for guidance specific to your situation.*