Can anyone tell me where I can see my scores? I don't really understand this whole fico thing, but I know that a score of a high 600 is alright. I want to get the most accurate score so I can see where I stand.
The only way to obtain your FICO scores are from lenders who pull your credit report and, along with getting the report, request that the score be generated. Supposedly, Equifax is supposed to start providing consumers with their score directly some time in March or April, but that's to be seen. Keep in mind that you have three scores to consider - one from each of the three major credit reporting agencies (CRA). CRA Fair, Issac Scoring Model --- ------------------------- Experian FICO Equifax Beacon Trans Union Emperica When applying for a mortgage, most lenders base everything on your middle score - the one in the middle of the three. Credit card companies usually pull only one or two, but there's no guarantee WHICH one they'll pull. > than 680 is typically golden 620 - 680 is middle of the road, marginal < 620 is sub-prime Then again, every lender has their own criteria for approval. To one, a 660 might be good for a Gold card, while another wants a 700 or better, and a third will accept 630.
I'm definitely sub-prime =0( That helps a bit. At least I know that I have a score of no more than 620. Bummer
You might have a higher score. I had a 620 last year with a bk, 4 paid judgments, and several incorrect items on my report. It wouldn't suprise me if my score is lower now,though.
I know that you can't figure out your own score, but does anyone have an idea of what they look at. Ex: 20 points for a perfect trade line, -20 for a paid charge off etc....
Go here for some idea: http://nt.mortgage101.com/partner-scripts/1075.asp?p=capitalfundingloan skydog wrote: ------------------------------- I know that you can't figure out your own score, but does anyone have an idea of what they look at. Ex: 20 points for a perfect trade line, -20 for a paid charge off etc....
RE: Scores - Couple questions Helpful site. Couple questions on it. First, what is Max LTV? Second, how would the debt ratio calculated? It wouldn't include my student loan, right?
RE: Scores - Couple questions LTV=loan to value. That is the percent of the loan that is finance, compared to the price of the house. $85,000 loan on a $100,000 home would be an 85% LTV, $95,000 loan on a $100,000 home would be a 95% LTV, etc... Debt ratio is figured on all long term debt. This includes all loans that will not be paid off within the next 6 months. I don't think student loans are included unless they are in repayment.
RE: Scores - Couple questions If you don't have a home or car loan, then does that mean you don't have to worry about LTV?
RE: Scores - Couple questions Usually, the only time it matters is when you are applying for a mortgage loan. If you have excellent credit, you may be able to get a 103% LTV loan. Basically, you can get the full loan, plus 3% to cover other expenses. If you have bad credit, you can still possibly get a 80% LTV loan, and you have to come up with the additional 20% as a down payment. It is my understanding that anytime you get a loan higher than 80%, you are required to get PMI insurance until the loan reaches 80% LTV. I think the PMI is required regardless of credit.
