FICO Credit Score

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Library Index
  1. Mortgage Library Home
  2. 15 vs 30 year Mortgage
  3. ARM Loans
  4. Buy Down Interest Rate
  5. Conforming Loan Limit
  6. Credit Report Repair
  7. Credit Score
  8. FICO Score
  9. Finance Closing Costs
  10. Good Faith Estimate
  11. HELOC
  12. Jumbo & Super Jumbo
  13. Lexington Law
  14. Mortgage Programs
  15. Mortgage Terms
  16. Mortgage Rate Lock
  17. Mortgage Refinancing
  18. No Cost Refinance
  19. Option ARM Payments
  20. PMI Elimination
  21. Pre-Approval Letter
  22. Stated Income Loans
  23. Title Vesting
  24. Why the Bad Wrap?
  25. Contact Us
  26. Apply

Where Do You Stand Credit Wise?

Prime Credit
A+ to A-   Considered the best credit rating. FICO scores range from 620 to 800-900. The FICO ceiling varies with the credit repositories (i.e. Equifax, Experian, and TransUnion). This FICO range means that you pay your bills on time, and manage your credit wisely. Part of managing credit means that you do not "max out" your credit cards, etc. "A" credit does not mean that you have perfect credit; you are still allowed minor glitches and still have a FICO 620-900. See also Your Credit File.

Sub-Prime Credit
FICO scores below 620 are considered sub-prime credit. This means that you cannot get loans through the "Prime" lenders, which include the larger banks like Countrywide Home Loans, Washington Mutual, Wells Fargo, Bank of America, Chase Manahattan, etc. However, these lenders hate to lose business and in recent years most have setup "Sub-Prime" mortgage departments. Since sub-prime is not their speciality they are not generally competitive with lenders that do specialize in sub-prime loans.

B+ to B-   Generally good credit with FICO scores ranging from 581 to 619. Two to three 30-day mortgage lates are permitted as well as two to four 30-days lates on revolving or installment credit. No 60-day lates are permitted. Any bankruptcy must have been discharged at least 2 to 4 years. Whether collections need to be paid off depends on the lender.

C+ to C-   Fair credit with FICO scores from ranging from 551 to 580. Three to four 30-day mortgage lates are permitted. You are allowed 4 to 6 30-day lates or 2-4 60-day lates on installment or revolving credit. Any bankruptcy must have been discharged at least 1 to 2 years.

D+ to D-   Overall poor credit history with FICO scores ranging from 0 to 550. Two to six 30-days mortgage lates or 1 to 2 60-day lates are permitted; isolated 90-day lates may also be acceptable depending on the lender. Revolving and installment lates pattern are normal for this FICO range. Some lenders allow you to be in bankruptcy or recently discharged; foreclosures are allowed but unpaid judgments are required to be paid with loan proceeds. Must have stable employment.

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