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Amid global concern about COVID-19, we will continue to be here for our customers.

As people and companies all across the country take additional preparations to protect against the Coronavirus (COVID-19), we acknowledge that your mortgage concerns will likely not be taking a break. At this time, we will remain open full-time and will continue to service our customers with the same fast response times you’ve come to expect from us.

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Visit this link for some helpful resources: https://www.bluesquaremortgage.com/supporting-seattle/

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You are here: Home / Press Releases / Top Mortgage Lender in Seattle Shares About Credit Karma Scores

Top Mortgage Lender in Seattle Shares About Credit Karma Scores

March 4, 2021 by Blue Square Mortgage

Before you apply for a mortgage, you need to check your credit. But before you turn to Credit Karma to do so, here is something you need to know: the score the free tool shows you will not be representative of the score the lender will pull.

This is a matter that has led to consumers asking a lot of questions, as explained in a recent article from CNBC.

 The article explains, “Consumers tweeted about going to apply for a credit card or loan thinking they have good or excellent credit, only to soon find that the credit score that the card issuer or lender pulled was lower than what they saw on Credit Karma.”This can be a rude surprise, and one that might lead to a delay before a consumer can be approved for the loan they want. 

Your VantageScore is Featured on Credit Karma

You might question whether Credit Karma is providing customers with accurate scores or not. While the answer to that question is, “yes,” it is not the score that a lot of customers expect. The score that lenders pull up is usually your FICO credit score, but it is not the only one you have. You also have a number of others, including a VantageScore credit score.

That is what you see on Credit Karma.

What is the Difference Between Your FICO Score and Your VantageScore?

Your FICO score is a product of a different calculation than your VantageScore. Let’s look at how each of these two scores works.

How FICO scores are calculated:

  • Payment history: 35%
  • Amounts owed: 30%
  • Length of credit history: 15%
  • New credit: 10%
  • Credit mix: 10%

 FICO score ranges:

  • Exceptional: 800+
  • Very good: 740 to 799
  • Good: 670 to 739
  • Fair: 580 to 669
  • Poor: 579 and below

How VantageScores are calculated:

  • Payment history: extremely influential
  • Age and type of credit: highly influential
  • Percentage of credit limit used: highly influential
  • Total balances and debt: moderately influential
  • Recent credit behavior and inquiries: less influential
  • Available credit: less influential

VantageScore ranges:

  • Excellent: 750 to 850
  • Good: 700 to 749
  • Fair: 640 to 699
  • Needs work: 300 to 639

Because there are differences in how these scores are calculated and expressed, knowing one is not the same as knowing the other.

You Need to Know Your FICO Score Before Applying for a Mortgage

Since it seems to be a common scenario for a borrower’s FICO score to be lower than their VantageScore, you should never assume that your FICO score will be equal to your VantageScore or higher.

It is okay to keep track of trends in your financial health by using Credit Karma, but the free tool will not tell you what you need to know in order to apply for a loan.

Here are some options to check your FICO score:

  • Purchase your score from Experian, Equifax, or TransUnion.
  • Check your score for free if that is a service your credit card provider, bank, or credit union makes available to you.
  • Sign up for the free program Discover Credit Scorecard.

Let Blue Square Mortgage Help With Your Seattle Home Loan

Have additional questions about FICO or VantageScore credit scores, how to monitor them, or how to raise them? Blue Square Mortgage can assist you. To get answers to your questions or to apply today for a mortgage in Seattle, please give them a call today at (206) 352-6453.

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Blue Square Mortgage

Blue Square Mortgage LLC
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Edrienne Chan
Edrienne Chan
03:49 08 Jun 22
Mike was super helpful in my quest for more understanding of real estate investment. Extremely informing and really wanted to educate. He listened well, and although my needs cannot be met at this lender, he was still happy to help. Very grateful to have given him a call
Kim Meyer
Kim Meyer
19:17 19 May 22
I have worked with Mike as a lender for several years. Our partnership with buyers, Mike as the lender and myself as the REALTOR are 100% successful and the buyers are consistently thrilled with results. Mike works hard to get the best rate possible for the buyers, helps educate everyone on market knowledge and helps make the process go smoothly from start to closing. The buyers that I work with appreciate having as much market information as possible - I find this is a great approach to helping buyers feel confident to find the best home for their housing needs/wants. I look forward to many more successful transactions with Mike!
Anton Cauthorn
Anton Cauthorn
01:41 14 May 22
Mike did an amazing job helping me set up a loan to purchase my home. Mike had a personal touch and it felt like I had someone on my team helping me the entire time. He got me a lower rate than the other lenders I was looking at going through and he made the whole process simple and easy. The best part was that we ran into a number of complications along the way and Mike worked hared to find solutions every time to make things work out smoothly. I highly recommend Mike and feel lucky to have found him to work with on my loan.
Danny Yang
Danny Yang
17:51 11 May 22
I had a smooth experience with Mike as a first time homebuyer. He walked me through the process and explained everything and made sure I understood it all. Made the entire process a lot easier and less intimidating than I thought it was going to be.
Dan Hoffman
Dan Hoffman
00:51 11 May 22
Mike helped me close on a very complicated loan and I would gladly use him again. He went above and beyond to guide us through the process and made sure I was informed every step of the way. If you work with Blue Square Mortgage you will receive as much assistance and guidance as you like up to and through closing. Thanks for your help Mike!
Martin Monteblanco
Martin Monteblanco
02:56 11 Apr 22
Mike was super helpful with the process of buying our first home .Definitely recommend for any first time home buyers .
Lucio Maldonado
Lucio Maldonado
23:05 21 Mar 22
Mike was excellent and extremely professional. I did not end up going with him, as he told me candidly when he could not beat a competitor's rate, and therefore told me to go with the competitor. Very refreshing. Thanks a lot, Mike.
Kathy Hattori
Kathy Hattori
22:14 03 Dec 21
This is our second time working with Mike and we could not be happier. Mike is personable, ethical, professional and absolutely knows his stuff. We had a wish list for our refinance (lower payments and interest rate plus funds to renovate) and he accomplished everything we wanted so we're thrilled. Mike's a treasure. Work with him.
Kristin Gardner
Kristin Gardner
17:35 03 Dec 21
Mike is an extremely professional and knowledgeable person to work with. He has assisted me in several different scenarios and because of his help I have been able to make an informed and beneficial decision. I cannot recommend working with him enough! He is thorough and quick with his work and utilized excellent resources to get the best results and answers for his customers. We will definitely be return and repeat customers.
Megan King
Megan King
19:20 22 Nov 21
We are looking into refinancing our home due to rising interest rates and reached out to Mike. We initially reached out based on the great Google reviews and Blue Square Mortgage's proximity to our home. I submitted an online inquiry and Mike got back to me quickly with an email. His honestly and transparency and wealth of knowledge were an invaluable resource and I truly appreciate the time that he took to talk to me about my refinancing options. If you are looking for a mortgage professional who will make you feel secure and help you understand the process with most likely your biggest investment call Blue Square Mortgage.
Kristen Weber
Kristen Weber
19:35 17 Nov 21
I could not be happier with the rate and service that we got from Mike Peacore. He is super straight forward and gave us the best rates. He is very responsive and personable. I would highly recommend him.
Rosemary Le
Rosemary Le
06:51 23 Oct 21
As a first time home buyer, I really appreciate how transparent and patient Mike was. Even before he knew that I would choose him as my mortgage broker, he was willing to walk me through every single aspect of the home buying process and let me know what to expect from other brokers/lenders. I specifically told him to give me all the details, keep track of all of the milestones/deadlines, and provide frequent reminders. At first the information he provided was a little overwhelming, but he understood that I would ask a lot of the same questions down the road. The process went very smooth and even on signing day he offered to be there in person with me since my realtor was on vacation. In summary, I really appreciated the transparency, how he was never pushy for my service or if he needed anything from me, the clear and detailed information he provided, and the friendly and patient service that I received.
Emelie Montgomery-Jones
Emelie Montgomery-Jones
17:11 29 Sep 21
Mike, thank you so much for guiding me through the process of refinancing my investment property. I certainly would have been lost without you. If the situation arises, I will highly recommend you to others. Your expertise, advice and timely communication kept my anxiety levels low. I am extremely happy with the outcome.Sincerely,Emelie MJ
Stefan Muehleis
Stefan Muehleis
18:26 17 Sep 21
I refinanced with Mike and everything went very fast, smooth and flawless.Not to mention that I got the best rate out there. Excellent job!!!
Leon Liu
Leon Liu
22:40 03 Jun 21
Mike helped us to close a refinance process effectively:- Mike identified a good program for our rental property. We managed the entire process remotely.- Refinance closing was fast. Faster than our new purchase loan earlier this year.- Great communication, very responsive and accurate.- Would recommend to friends and work with Mike again.
Mark Kilcup
Mark Kilcup
23:43 26 Jan 21
Duncan Wray was an absolute professional to work with during this process. They had a super competitive rate and were able to work with the VA on my refi. I recommend Duncan and his team!
Scott Matlock
Scott Matlock
23:01 23 Dec 20
Max at Team Blue Square was extremely helpful and positive during my entire refinance process. We had a few hurdles along the way, but he was always positive and super responsive to all of my questions. Not only did he lock me in at a great rate, but I was continually impressed by his knowledge and accommodating attitude. He was a true professional, and you can tell he truly cares about customer service. Couldn't be happier with how everything turned out. 5-stars!!!!
Tamara Atkins
Tamara Atkins
17:03 01 Sep 20
This was our 3rd time financing/refinancing with Mike Peacore. As always, he was so professional, expedient, and helpful. Everything went smoothly with Mike guiding the process the whole way to closing. Have referred him to many friends!
Justin Lonergan
Justin Lonergan
04:42 20 Aug 20
Sean was fantastic through our VA refi. Blue Square's rates were the most competitive of the companies I screened, and the application could not have been easier. I probably spent less than 5 total hours on the refinance, saved my family hundreds per month, and I very much attribute that smooth process to Blue Square's and Sean's attentiveness. I have already recommended them to peers and would wholeheartedly recommend giving them a call to see what they can do for you.
RD Kent
RD Kent
03:44 20 Aug 20
Very responsive, friendly, and helpful. Excellent experience!
Jeremy Kirsch
Jeremy Kirsch
01:54 20 Aug 20
I just closed and recorded and I wanted to thank Kathy S. for her excellent service and support and for giving me the best deal ever. I am getting looks of disbelief when I tell people, especially those with conventional loans who can’t even come close!With Kathy, every question was answered and there were no surprises, except the good kind. No weirdness, everything disclosed.I've purchased and sold and refinanced a number of times, it's usually a stressful experience even without having to move. Not this time.Prior to dealing with Kathy and Blue Square, I had previously used a broker a couple of times before, whom I considered excellent and I was very happy with. With that said, if I ever need another loan, I will come to Kathy and Blue Square first. Without a doubt.And I will be recommending Kathy to anyone who needs a loan, especially those in the VA IRRL category.Again, thank you Kathy for all you did!
manjusha n
manjusha n
00:58 11 Jul 20
Spoke to Mike Peacore about Home purchase mortgage. He was very responsive and helpful. I was shopping around for rates and he gave a quote and gave me tips on getting better rates. He really cares about his clients and great to talk to. I highly recommend Blue Square Mortgage for good interest rates and Mike for his outstanding service. Thank you!
Kevin Hoy
Kevin Hoy
17:18 05 Jun 20
I contacted Blue Square based on a Google search for VA IRRRL. Mike was very helpful in explaining the parts of the refinance process to me and helping me understand not only what everything means but also how and why he is able to offer lower rates than most of the big name lenders. I look forward to doing business with Mike again.
Andrew Gray
Andrew Gray
00:08 23 May 20
As a first time home buyer, I feel extremely lucky we went with Mike at Blue Square as our mortgage broker. He was professional, thorough, and more than happy to answer all of our questions about the process. His rate and fee estimates were considerably lower than other lenders we considered. He worked nights and weekends during the closing process and we wound up closing early. I look forward to working with him on a refi and eventually our next home purchase!
Mary Jo Carson
Mary Jo Carson
17:48 09 Mar 20
I've refinanced my home about 4 years ago and had such a positive experience with Mike, that I reached out to him again. I wanted to see if it would be prudent to do so again. He ran the numbers and found for me, this wouldn't be the best thing to do. I appreciate his help and honesty.
Rob Luecke
Rob Luecke
15:29 05 Mar 20
I am in the business and have done over 1,000 real estate transaction, have several rentals and Mike did a bang up Job.
Lana Zielke
Lana Zielke
06:15 12 Jan 20
I found Mike online by searching online to see what mortgage brokers came highly recommended in the Seattle area. I was not disappointed! He worked fantastically with my real estate agent. Made the whole process super simple. And not only did we close on time, we closed early (25 days after our offer was accepted)!! He negotiated the PMI with the lender based on credit score so I have an incredibly low monthly PMI! And in the week of escrow, my monthly payment came down by about $40. I couldn’t be happier with his service. He was quick, attentive, very responsive, and easy to work with. I highly recommend him!
Kyle Acheson
Kyle Acheson
18:44 31 Dec 19
Mike was great to work with. He really helped us through the process and answered all of our questions timely and thoroughly. Would work with again.
jeffrey bley
jeffrey bley
18:49 20 Dec 19
Mike Peacore was thorough and very helpful in getting me a competitive rate. He always kept me up to date on the current status, and was more than happy to help explain things to me when there was something I didn't understand. I was able to make informed decisions and I was very happy with my refinance. Thanks Mike!
Michael Medvedev
Michael Medvedev
03:59 18 Dec 19
Great and unique service! Thank you so much!!! Would recommend to anybody!
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Blue Square Mortgage is located on 4212 33rd Ave W, Seattle. From Seattle-Tacoma International Airport (SEA) head southeast on Airport Expressway toward Departures Dr and use the left lane to keep left. Then keep left and slight left onto Airport Expressway. Keep left at the fork, follow signs for WA-509/WA-518 W and merge onto WA-518 W. Next, merge onto WA-518 W and take the exit onto WA-509 N toward Seattle. WA-509 N turns slightly left and becomes Hwy 99 N/E Marginal Way S. After that continue straight onto Aurora Ave and turn right onto Halladay St. At this point turn right onto 6th Ave N and turn left onto Dexter Ave N. Head straight for 0.5mi and turn left onto Nickerson St. Then continue straight to stay on Nickerson St and continue straight onto W Nickerson St. Finally, turn left onto W Emerson St and turn right onto Gilman Ave W. Continue onto W Government Way, turn left onto 33rd Ave W and Blue Square Mortgage will be on your left.

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Blue Square Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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