Can anyone tell me? - Posted by Barbara (ME)

Posted by Sean on May 07, 1999 at 08:21:29:

It was nothing. You just happen to have hit one of the few subjects I’m an expert on – credit scoring! I have a friend who works for Experian in the scoring department and I’ve done lots of research on it. Even up to calling fair isaac and getting their take on it.

Can anyone tell me? - Posted by Barbara (ME)

Posted by Barbara (ME) on May 06, 1999 at 21:50:05:

Is a 660 credit a,b,c or d? Thanks
Barbara (ME)

Re: Can anyone tell me? - Posted by Ed Garcia

Posted by Ed Garcia on May 07, 1999 at 13:22:21:

Barbara:

There are other things lenders look at in addition to credit score.

Stability, how long you have been on the job and at your home address.

Debt service, what the ratios are on your income verses out go.

Barbara, so you can see that there are other factors taken into consideration
other than just your credit score. You can lose your job or you income
steam, and no matter what your credit score is you will have a problem
in procuring a loan. When a lender rates you, they rate you as a borrower.
Not just from your credit score.

As far as your credit score goes, you fine.

Ed Garcia

Re: Can anyone tell me? - Posted by Barbara (ME)

Posted by Barbara (ME) on May 07, 1999 at 06:06:34:

Thanks so much for your input!
Barbara

Links - Posted by Sean

Posted by Sean on May 06, 1999 at 23:22:56:

http://moneycentral.msn.com/articles/homemort/basics/1507.asp
http://www.freddiemac.com/finance/smm/july97/html-pages/riskbase.htm
http://www.hometownmtg.com/html/articles.htm

“A credit score of 620 is the minimum score needed to get the best interest rate for your mortgage loan. According to Fannie Mae guidelines, any score lower than 620 runs a risk of foreclosure. Credit scores typically range from 400 to 900. Your credit score becomes important in relation to your interest rate, and willingness of the lender to underwrite your loan. A high credit score not only secures a low interest rate for you, but also insures you of a faster approval with less hassle. Fannie Mae will also overlook past credit problems with a high credit score.”

http://www.downpayment.com/rates.html

“Royal and Command require a minimum credit score of 620. Advantage requires a minimum credit score of 600. Encore does not require a credit score. The Program and corresponding interest rates for which you will be eligible depends on your credit scores and other qualification criteria.”

You get the idea.

It’s A- - Posted by Sean

Posted by Sean on May 06, 1999 at 22:46:06:

“A” credit is considered 681 and up. Anything above 620 can still be worked if an underwriter can and will take the time to work out the rest of the documentation. Out of every 11 people with a FairIsaac™ score of 680 one will default. That means a lender can count on having 10 performing loans for every loan not performing.

Goto http://creditscoring.com/ and they have links to Fannie Mae sites and their positions on what credit scores are necessary to sell your loan on the secondary market.

See also http://www.fairisaac.com/ and go to their credit scoring section.

Re: Can anyone tell me? - Posted by Barbara (ME)

Posted by Barbara (ME) on May 07, 1999 at 13:38:30:

Thank you so much for your reply.
Barbara (ME)