Posted by Ed S. on March 19, 2001 at 20:24:02:
Go here.
http://www.creonline.com/art-154.html
Ed
Confused about credit scoring - Posted by RichardWA
Posted by RichardWA on March 19, 2001 at 19:54:21:
I just ordered a credit report from equifax and got a look at my FICO score. I am confused about just how good or bad my credit is. I’d like to know what my chances are of getting a loan for REI, what loan sources would be best for me? I’m in western Washington State.
My FICO score came to 614. Is this good, or bad? According to my research this seems to be anywhere from just 6 points short of an A credit rating to C-. I have no lates in the past 12 months. But prior to that I have 3 bad accounts. 1 seems to be an erroneous charge-off on an old credit card–it went into collections but I paid off the collection agency so I’m surprised to see it’s still listed as a charge-off. The second one is…well, a long story…but it’s in dispute–a tow truck company had towed my car away without my permission or consent, sold it off at auction, and came after me saying I owe them towing and storage fees–then they decided to turn it ove to a collection agency–I didn’t know they were planning to do that or I would’ve acted much sooner. Third one is an old, old utility bill from the bad old days that I’m planning to pay off very soon. All other accounts are current, no lates or other problems. No judgements or bankrupcies or anything like that.
So do I have A- credit? Or B? Or even D-?? How much difficulty am I likely to have getting a mortgage for REI (a SFH–hard money loan for quick flips)? Any idea what terms to expect, or where to apply for loans to? Don’t want to apply for a D loan when I could get a cheaper B loan instead…or waste time applying for a B loan when D or F is all I can get.
Thanks to all in advance. 
I’ve been working hard to improve my credit.
–RichardWA
Re: Confused about credit scoring - Posted by Dave T
Posted by Dave T on March 21, 2001 at 06:53:27:
Here is the grading system used by one mortgage company I have dealt with in the past. This information is over a year old and may be outdated. Other lenders may have different grading thresholds, but this gives you an idea of where you are in the credit scoring universe.
720 & above - Excellent credit
680 to 719 - Good credit
620 to 679 - Lender will take a closer look at your file.
585 to 619 - Higher risk; you will not be eligible for the best rates and products.
584 & below - Credit products may not be available. Lender will need to consider other information in your application.