There are numerous credit score models. 80-90% of all mortgage financial institutions use the FICO credit score model in their decision process. Other score ranges can offer insight into your FICO score, but why risk it?
Here’s a bad scenario: You check your non-FICO a few months before you ready to close on a mortgage and your score is a 770. What you may not know is that the 770 may be out of 990, and therefore your FICO score is much lower…as low as 720. Your broker informs you that you don’t get the best rate possible because your FICO isn’t high enough. Bummer. If you had known your FICO score months before, you could have worked on getting a higher score before you needed to close.
Last 5 posts in Credit Scores/Bad Credit
- How to Boost Your Credit Score – Part 2 - November 2nd, 2009
- Is It Harder to Get a Mortgage? Perception is Reality.... - October 29th, 2009
- Your Credit: Collection Accounts - September 17th, 2009
- Credit Balances and Your Credit Score - August 8th, 2009
- What's the Difference Between Mortgage Delinquency and Mortgage Default? - August 2nd, 2009
- Stumble it!
- Categories: Credit Scores/Bad Credit
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GMAC Limits FICO Scores to 700+ which means… | Mortgages Unzipped
[...] for 800 so there is no doubt about your credit. A great place to start is getting educated on the credit score scale and the credit score factors. Last 5 posts in UncategorizedMortgage Market Week in Review - October [...]