Fico vs Loan rate

Discussion in 'Credit Talk' started by BluVegas, Apr 5, 2001.

  1. BluVegas

    BluVegas Guest

    Is this for real?

    Capricious nature of credit scoring: according to prominent newspaper columnist one borrower had a 100 point change in his credit score over a two month period for reasons beyond the borrower's control, causing him to be denied the best loans! Credit scores for most people range between 680 to 780, so a 100 point change is a huge difference.

    Fico score thresholds:
    range from 300 to 900 points
    300 to 619 Very bad
    620 to 679 Not very good, minimum needed to qualify at most lenders.
    680 to 699 Good but no special discounts available.
    700 to 719 A few lenders offer easier approval.
    720 to 749 This is where discounted rates are offered by some lenders.
    750 to 775 Hard to get this high. Need this to get the best loans.
    776 to 815 Almost impossible to get this high. Try climbing Mt. Everest instead!
    816 to 900 We've never seen a score this high.
    Ways To Improve Credit Score:
    http://www.best-rate.com/creditscore.htm
     
  2. lbrown59

    lbrown59 Well-Known Member

    Fico vs Loan rate
    Author: BluVegas (cm061.166.234.24.lvcm.com)
    Date: 04-05-01 15:59


    Fico score thresholds:
    range from 300 to 900 points
    300 to 619 Very bad
    620 to 679 Not very good, minimum needed to qualify at most lenders.
    680 to 699 Good but no special discounts available.
    700 to 719 A few lenders offer easier approval.
    720 to 749 This is where discounted rates are offered by some lenders.
    750 to 775 Hard to get this high. Need this to get the best loans.
    776 to 815 Almost impossible to get this high. Try climbing Mt. Everest instead!
    816 to 900 We've never seen a score this high.
    Ways To Improve Credit Score:
    http://www.best-rate.com/creditscore.htm
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    REP.===Looks like the bankers have it set up so they have an excuse to milk the most money from the most poeple just like the insurance compines do with insurance rates!
     

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