Convert Score to A,B,C,D credit??

Here's a site that shows national averages of mortgage rates compared to scores.

http://www.myfico.com/myfico/CreditCentral/LoanRates.asp

If you do some searching, you'll find another listing in a thread that was posted here yesterday and it contains the web address of a site that shows scores vs. A,B,C credit.

 

Fascinating. A 3.5% spread between a 500 score and 850 score for a 30 year mortgage. Not much difference.

Although I suspect that if you have a house repo on your record, problems and more problems getting a loan with a low down will occur.

 

Those figures seem strange to me, my girlfriend just closed on Friday, got a 6.75% on a 30 year, scores only in the 600s, and had to put very little down.

 

Here's that other web address:
https://www.d1online.com/rate_sheets.html
You'll have to punch in your state and select the category of loan you want.

Late payments on your mortgage affect your rating.
For Texas, here's how the scores relate to A,B,C--
(other lenders probably use variations of this scale)


With a Score of 525-539
And this Mortgage record..................................Your Grade Is

0 x 30 (no late payments).............................................C
1 x 30 (no rolling late payments)...................................C-
2 x 30 (2 successive or rolling late payments).................C-
3 x 30 (3 successive or rolling late payments).................C-
1 x 60 (no successive or rolling 60's allowed)..................C-
1 x 90 (only one 90-date late allowed)...........................C-


With a Score of 540-549
And this Mortgage record..................................Your Grade Is

0 x 30 (no late payments).............................................B
1 x 30 (no rolling late payments)...................................C
2 x 30 (2 successive or rolling late payments).................C
3 x 30 (3 successive or rolling late payments).................C
1 x 60 (no successive or rolling 60's allowed)..................C
1 x 90 (only one 90-date late allowed)...........................C-


With a Score of 550-574
And this Mortgage record..................................Your Grade Is

0 x 30 (no late payments).............................................B+
1 x 30 (no rolling late payments)...................................B
2 x 30 (2 successive or rolling late payments).................B
3 x 30 (3 successive or rolling late payments).................B
1 x 60 (no successive or rolling 60's allowed)..................B
1 x 90 (only one 90-date late allowed)...........................C-


With a Score of 575-599
And this Mortgage record..................................Your Grade Is

0 x 30 (no late payments).............................................A-
1 x 30 (no rolling late payments)...................................B+
2 x 30 (2 successive or rolling late payments).................B+
3 x 30 (3 successive or rolling late payments).................B
1 x 60 (no successive or rolling 60's allowed)..................B
1 x 90 (only one 90-date late allowed)...........................C-


With a Score of 600-629
And this Mortgage record..................................Your Grade Is

0 x 30 (no late payments).............................................A
1 x 30 (no rolling late payments)...................................A
2 x 30 (2 successive or rolling late payments).................A-
3 x 30 (3 successive or rolling late payments).................B
1 x 60 (no successive or rolling 60's allowed)..................B
1 x 90 (only one 90-date late allowed)...........................C-


With a Score of 630+
And this Mortgage record..................................Your Grade Is

0 x 30 (no late payments).............................................A+
1 x 30 (no rolling late payments)...................................A+
2 x 30 (2 successive or rolling late payments).................A-
3 x 30 (3 successive or rolling late payments).................B
1 x 60 (no successive or rolling 60's allowed)..................B
1 x 90 (only one 90-date late allowed)...........................C-


Notice that scores below 549 get you a C rating no matter what. And notice that 1 90-day late payment will get you a C- no matter what.