Wasatch Credit Consulting

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Wasatch Credit Consulting Wasatch Credit Consulting is a credit restoration firm that helps individuals improve their credit.

Wasatch Credit Consulting is a credit restoration firm that works with individuals to improve their credit scores and credit content.

Your Credit Karma Score Says 740. Your Mortgage Lender Says 660. Who's Right? Both could be right. And here's why. One o...
26/10/2026

Your Credit Karma Score Says 740. Your Mortgage Lender Says 660. Who's Right?

Both could be right. And here's why.

One of the most common surprises for homebuyers is discovering that the credit score they've been monitoring isn't the same score their mortgage lender uses.

Here's what many consumers don't realize:

Credit Karma uses VantageScore 3.0, while mortgage lenders have traditionally relied on older FICO scoring models. Classic mortgage FICO uses versions 2, 4, and 5.

Different scoring models evaluate credit information differently. Payment history, credit utilization, collections, and other factors can affect each score differently.

You don't have just one credit score. You have multiple scores, depending on the scoring model, credit bureau, and purpose of the loan you are applying for.

Mortgage scoring is evolving. FICO 10T and VantageScore 4.0 are part of the industry's transition toward newer mortgage scoring options. VantageScore 4.0 is already in use on a limited basis and FICO 10T is expected to be phased in next year.

The takeaway?

A 740 on Credit Karma doesn't guarantee a 740 when applying for a mortgage. And a lower mortgage score doesn't necessarily mean something is wrong with your credit report. Some credit monitoring services like MyFICO.com and Experian.com let you choose from multiple scoring models so you can get an accurate score before you start the process of qualifying for a loan.

For loan officers and real estate agents, helping borrowers understand this difference before they start shopping for a home can prevent frustration and surprises.

Paying off a collection doesn't always improve your mortgage chances. This is one of the biggest misconceptions I see wi...
26/09/2026

Paying off a collection doesn't always improve your mortgage chances. This is one of the biggest misconceptions I see with people preparing to buy a home. A borrower sees a collection on their credit report and says "If I pay this, my credit will improve and I'll be closer to getting approved."

Not necessarily.

For example, some newer credit scoring models disregard paid third-party collections, but older mortgage scoring models may still consider them. FICO itself notes that paying a collection can cause a score to increase, decrease, or have no impact, depending on the information being reported and the scoring model being used.

And there's another important consideration:

Mortgage underwriting and credit scoring aren't the same thing.

Fannie Mae's current guidelines state that, for a one-unit primary residence, borrowers generally aren't required to pay off outstanding non-medical collections simply because they have them.

FHA guidelines can also treat collections differently depending on the circumstances and whether the loan is receiving an automated or manual underwriting decision.

So before a homebuyer takes several thousand dollars out of their savings to pay collections, the better question is really: "Should I pay this collection?"

It's "What will paying this collection actually accomplish for my mortgage profile?"

Simply paying it makes sense.

Sometimes negotiating it makes more sense.

Sometimes the collection needs to be investigated because the reporting itself may be inaccurate. And sometimes the money could be better used addressing other credit issues or preserving funds needed for the home purchase.

Credit repair and mortgage preparation shouldn't be about blindly checking boxes. It's about understanding how each decision affects the entire credit profile.

If you're planning to buy a home, it's worth looking at the strategy before you start paying things off.

Credit repair shouldn't start 30 days before a mortgage application. One of the biggest challenges I see is homebuyers w...
24/09/2026

Credit repair shouldn't start 30 days before a mortgage application. One of the biggest challenges I see is homebuyers waiting until they're ready to apply for a mortgage before looking closely at credit.

By then, there may not be enought time to address everything that needs attention. Credit issues can include:

- Inaccurate our outdated information
- High revolving balances (credit cards)
- Late payments
- Tax liens or judgments
- Collections or other derogatory accounts
- Identity or mixed-file issues
- Accounts reporting incorrectly

And not every credit problem has the same solution. Your credit profile is as unique as your fingerprint. The earlier you identify the obstacles, the more time you have to determine what can actually be addressed and develop a strategy around the borrower's goals.

If someone is thinking about buying a home in the next 6-12 months, now is a much better time to review their credit than 30 days before they want to apply.

Loan officers: If you have a prospective homebuyer who isn't quite mortgage-ready, I'm always happy to take a second look at their credit to help identify what may be standing in their way.

The best time to fix a credit problem is before the borrower needs a mortgage.

Mortgage credit scoring is changing and homebuyers should be paying attention. There has been a lot happening behind the...
23/09/2026

Mortgage credit scoring is changing and homebuyers should be paying attention. There has been a lot happening behind the scenes in the mortgage/credit world.

Fannie Mae and Freddie Mac are now allowing approved lenders to use VantageScore 4.0, expanding the use of an alternative to traditional FICO scoring. At the same time, FICO score 10T is scheduled to become available for FHA mortgage underwriting beginning January 1, 2027.

Why does this matter?

Because the credit score a lender uses isn't necessarily the same score a consumer sees when they check their credit. Newer scoring models can also look at credit behavior differently, including factors such as trended payment history and, in some cases, rental and utility payment information.

For someone preparing to buy a home, this reinforces something I've been saying for years:

Don't focus only on the number. Understand what's actually on your credit reports.

Payment history, balances, credit card utilization, collections, reporting accuracy and the age of your accounts can all matter and the mortgage industry is continuing to evolve in how that information is evaluated.

If you're planning to buy a home in the next year or two, now is a good time to understand your credit profile rather than waiting until you're ready to apply for a mortgage.

The rules and scoring models may be changing, but one thing hasn't. The better you understand your credit before your apply, the more prepared you'll be when it's time to buy.

14/07/2026

What Does the New Housing Act Mean for Homebuyers?

The recently passed 21st Century ROAD to Housing Act is one of the largest federal housing reforms in decades. Its goal is simple: increase housing supply and make homeownership more attainable for American families.

What could this mean for buyers?

✅ More homes being built
✅ Fewer barriers to new housing development
✅ Limits on investors purchasing single family homes
✅ Less upward pressure on home prices over time

The biggest takeaway is that this law is intended to create more housing opportunities in the years ahead. For anyone hoping to purchase a home in the near future, improving your credit, reducing debt, and preparing financially remain some of the most effective ways to put yourself in position when the right opportunity comes along.

If you're wondering what steps you should take today to prepare your credit for homeownership, feel free to reach out. We're always happy to help.

Over the years, we've helped countless clients improve their credit, qualify for financing, and become homeowners.Today,...
19/06/2026

Over the years, we've helped countless clients improve their credit, qualify for financing, and become homeowners.

Today, we're excited to introduce a fresh new brand along with upgraded technology that includes a client mobile app and enhanced communication tools.

While our logo has changed, the person behind the company hasn't. You'll continue to receive the same dedication, guidance, and proven results you've come to expect.

12/06/2026

We're seeing some early signs of financial stress across the country:

▪️ Mortgage delinquencies have been trending higher, reaching 4.26% at the end of 2025, with FHA loans experiencing the largest increase.

▪️ Household debt has climbed to approximately $18.8 trillion, while overall delinquency rates have risen to their highest levels since 2017.

▪️ Credit card and auto loan delinquencies are at their highest levels in more than a decade.

▪️ Foreclosure activity has increased compared to last year, although levels remain well below those seen during the 2008 housing crisis.

What does this mean?

For many families, higher interest rates, inflation, and rising debt payments are making it harder to stay current on bills. The good news is that most credit problems can be addressed before they become long-term obstacles.

If you're planning to purchase a home but have collections, late payments, charge-offs, or other credit challenges, don't wait until you're ready to apply for a mortgage.

At Wasatch Credit, we work one-on-one with people, not as a large corporate call center, to create a plan for improving credit and becoming mortgage-ready as quickly as possible.

📩 Send us a message if you'd like a free credit analysis.

12/06/2026

Total US consumer credit balances exceed $5.07 trillion, with revolving credit (primarily credit cards) standing at $1.31 trillion. The average American consumer holds roughly $6,595 in credit card debt. While overall borrowing demand remains strong, credit card delinquency rates are hovering around 8.6%.

Is AI being used in credit decisions across the financial industry? Financial institutions and fintech companies are usi...
04/02/2026

Is AI being used in credit decisions across the financial industry?

Financial institutions and fintech companies are using AI and machine learning models to assess a borrower's creditworthiness faster and more accurately than many traditional systems. These systems can analyze traditional credit data (like payment history, debt levels) and non-traditional data (like rental/utility payments, cash flow patterns, sometimes even alternative digital signals) to evaluate risk. Some lenders and fintech platforms already use AI-based credit scoring tools (for example, Upstart and others) to help broaden access to credit, especially for borrowers with limited traditional credit history.

Yes, AI is actively being used in credit decisions and is increasingly embedded in credit scoring, underwriting, and risk modeling across banks, lenders, and fintechs. While it brings speed, data-driven insights, and potential inclusion benefits, its deployment is often paired with human oversight to manage fairness, transparency, and retulatory compliance.

There are a lot of rumors about whether or not certain things impact your credit scores. Your age, state, and income lev...
29/12/2022

There are a lot of rumors about whether or not certain things impact your credit scores. Your age, state, and income level are NOT up for discussion when it comes to determining your credit score.

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UT

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Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

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+14359905686

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