Skip to Main Content
Online Access

Online Access

BankSouth offers immediate and easy access to your mobile and online banking. You can also apply for and review your ReadyLoan mortgage application.

Learn More



For over ten years, BankSouth has helped thousands of families finance their homes.  We know how daunting this may be, but we take the worry and hassle out of the process.

Learn MoreStart Your Application

Mortgage Credit Score

Apr 11, 2022 Mortgage Speak

Credit scores are used to determine the risk in lending money to a borrower. In other words, how likely it is a borrower will pay bills on time. Credit scores range from 300 to 850 and reveal how well a borrower has paid bills and managed debt in the past. The higher the score, the better the chance that you will have access to credit when you need it from financial institutions.

What are the consumer scores?

Consumer scores means any score that the consumer can obtain themselves, aside from the purpose of obtaining credit. Keeping track of credit scores over time allows consumers to see how their financial decisions impact their scores. However, there are many different scoring models used to produce consumer scores, and almost all do not use the same model as those used by mortgage lenders. For example, one site provides 28 different scoring models to consumers for a cost, claiming the same ones used in the mortgage industry are included.

Why are scores different?

Many are unaware that there is a difference between their consumer credit score and their mortgage credit score. How each scoring model weighs and scores a person’s credit history and credit mix varies. In most cases, a person’s mortgage score is much lower than other consumer scores. Mortgage lenders are required to use a unique version of the FICO scores. Lenders pull from all three credit bureaus (Equifax, Transunion, and Experian) and use the middle score. Fannie Mae and Freddie Mac are the largest purchasers of mortgages on the secondary market; therefore, they mandate the single scoring model that is considered the industry standard.

Recent Posts

View our latest news and get the latest industry updates on our blog.

Apply for up to $10,000 of Homeownership Set-Aside funds to help purchase a home. The recent announcement of an additional $5 Million of Homeownership Set-aside funds offered by the FHLB Atlanta will allow more individuals and families the ability to...
voted Savannah's best community bank and financial institution in 2022
For Immediate Release: September 1, 2023 Media Contact: Neil Hediger, VP - Director of Marketing and Digital Banking [email protected] SAVANNAH, GA September 1, 2022 - Today, for the third year in a row, BankSouth's Savannah branch has been voted Best...
teaching gen z about money management
We all hope to provide younger generations with the education and skills they'll need in life, and financial literacy is a part of this. There are things we can do to teach concepts related to money - modeling and discussing...