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Is there a minimum number of tradelines required in order to consider a credit score as valid?
-Is there a minimum number of tradelines required in order to consider a credit score as valid?
A credit score is considered valid, regardless of the number of tradelines, when the credit report accesses all three credit bureaus.
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What is the minimum credit score for Arch MI?
-What is the minimum credit score for Arch MI?
Credit scores below 620 are not eligible for our Standard Program. For our EZ DecisioningSM program, a credit score below 620 is permitted with a Desktop Underwriter® (DU®) Approve/Eligible recommendation only. Please refer to our Underwriting Manual for program specifics.
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How does Arch MI qualify loans where one borrower has traditional credit, and a co-borrower does not have a credit score?
-How does Arch MI qualify loans where one borrower has traditional credit, and a co-borrower does not have a credit score?
With a valid Desktop Underwriter® (DU®) or Loan Product Advisor® (LPASM) Approval, Arch MI follows Agency requirements in accordance with our EZ DecisioningSM program, which does not have overlays specific to this area.
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How do I enter a borrower with no credit scores into CONNECT?
-How do I enter a borrower with no credit scores into CONNECT?
When one (or more) borrowers have a credit score and one (or more) do not:
- Enter 0 in credit score for borrowers without a credit score.
- Enter correct credit scores for borrowers who do have a score.
- Pricing will be determined based off the lowest non-zero credit score.
When no borrower has a credit score:
- Customer must check non-traditional credit for the primary borrower – this will disable all credit score inputs.
