A few months ago, some of us would have killed to have a fico score above 680. Some of us would have to break over 650. Now, some of us have scores in the 700's...and we still aint happy. So what if the fico analysis says that we are just below average with our low 700 scores. Don't we know that we can get prime loans with anything above 680 in most cases. Getting a higher fico score, now that most of us know our scores can be equated to not being 'thin' enough. It is an obsession I think. You can never be too thin or too rich or have a fico score high enough. We are behaving for the most part like the fico people said we would. We are picking the score apart by comparing our score to our neighbor's score, girlfriend's or boyfriend's score etc. We knew long before this week that the system was screwed up. I am thankful to get a peak at my score. It lets me know which areas of my credit to work on even further. This reminds me in the Fall when everyone here was complaining about the same ole miserable subprime banks-Capital One, Providian, Cross Country (yuke)..and so on. When Citibank started giving us all cards, suddenly Citibank wasnot a prime bank anymore. Well, I just thought I would get on my soapbox and speak my mind. I hope everyone is enjoying this weather. Later!
Re: You Got to love this board I love this board. I am not concerned with the FICO score. I really don't know what mine is. I don't really care enough to pay $12.50 to obtain it. I control enough credit without knowing my score. I still think one should look at ones credit reports, lower interest rate costs and increase ones income. Exercising your credit will get you these things. http://www.creditsense.com
Re: You Got to love this board "So what if the fico analysis says that we are just below average with our low 700 scores." ......as evidenced below any score of 700 or above is certainly "a" grade. A Loan: __________________________________________________________ Considered the best credit rating. FICO scores are generally 660 and up with no late mortgage payments and less than one 30-day late revolver or installment loan payment. No bankruptcy within past 2-10 years. Maximum debt ratio allowed is 36-40% and maximum loan-to-value ratio is 95-100%. Good/excellent credit during last 2 to 5 years. No bankruptcy within the last 2 to 10 years. B Loan: ___________________________________________________________ FICO scores from 620 - 659. Two 30-day late mortgage payments and two - three 30-day late revolver or installment loan payments in the last twelve months. No 60+ delinquencies allowed. Must be 2-4 years since bankruptcy discharge. Maximum debt ratio averages 45-50% and maximum loan-to-value ratio is 75-85%. No 60-day mortgage lates. 24 - 48 mos since bankrupt discharge. Higher number of continual/rolling lates may be allowed. C Loan: ___________________________________________________________ FICO scores from 580-619. Three - four 30-day late mortgage payments allowed and four - six 30-day late revolver or installment loan payments; or two to four 60's. Must have 1-2 years since bankruptcy discharge. Maximum debt ratio 55% and maximum loan-to-value ratio averages 70-75%. 12 - 24 mos since bankrupt discharge. Continual/ rolling lates allowable. D Loan: ___________________________________________________________ FICO scores below 550. Two to six 30-day late mortgage payments or one to two 60-day late payments. Payment on Revolving and installment loans are generally late. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Stable employment required. Maximum debt ratio averages 60% with max loan-to-value of 65-70%. Bankruptcy discharge within last 12 months. Judgements to be paid with loan proceeds. Not in foreclosure. Get Your FICO Bureau Score NOW! Memo: The figures are "typical". Most lenders have requirements that fall within these guidelines. Delinquencies and other requirements are not cumulative. Various combinations are allowed but worst-case situations, e.g., maximum number of 30-day plus maximum 60-day, etc., in combination with other blemishes, will generally push the borrower to the next lower credit level. Mortgage lates are the most important, especially as credit levels deteriorate. Credit patterns are important. More than a few credit cards or outstanding loans may signal a problem, as do a large number of recent credit inquiries. A demonstrated willingness to maintain payments is important. Constant/rolling lates are less important than late payments that occur sporadically because they signal an effort to pay. OR If you are applying for a home loan, though, you will not be expected to maintain a 900 point FICO score. In fact, a score of over 650 is generally worthy of an â??Aâ? paper loan. This means that the borrower will receive the best loan rates and will be required to complete minimal underwriting paperwork. If the score is below 650 but above 620, the borrower will be required to produce more documentation but will still probably receive â??Aâ? rates on the loan. Scores below 620 will typically force the borrower to seek higher risk, higher cost financing such as â??Bâ? through â??Dâ? loans. OR This is a general guide to what is called "A-B-C-D" credit. These grades are typical of the requirements used by many lenders, but are not absolute grades. Individual lenders typically have similar but somewhat different specifications. Keep in mind that late payments, called "lates", are generally tracked within the previous 12-month period. A Credit Considered the best credit rating. FICO scores are generally 640 and up with no lates on mortgage and no more than one 30-days-late on revolving or installment credit. No bankruptcy within past 2-10 years. Maximum debt ratio is 36-40% while maximum loan-to-value ratio is 95-100%. This type of credit will demand the best interest rate available! B+ to B- General good credit with FICO scores from 590 - 629. Two or three 30-days-late on mortgage and two to four 30-days-late on revolving or installment credit. Cannot have any 60 day lates. Must be 2-4 years since bankruptcy discharge. Maximum debt ratio averages 45-50% while maximum loan-to-value ratio is 90-95%. This type of credit will obtain rates 1-2% higher than current market rate. C+ to C- Fair credit with FICO scores from 570-580. Three to four 30-days-late on mortgage are allowed. Installment or revolving credit can have four to six 30-days-late or two to four 60-days-late. Must have 1-2 years since bankruptcy discharge. Maximum debt ratio runs around 55% with maximum loan-to-value ratio averaging 80-90%. This type of credit will generate rates 3-4% higher than current market. D+ to D- Overall poor credit history with FICO scores from 570 and lower. Two to six 30-days-late on mortgage or one to two 60-days-late, with isolated 90 days late. Revolving and installment lates show poor payment record with pattern of late payments. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Must have stable employment. Maximum debt ratio averages 60% with max loan-to-value of 70-80%. This type of credit will result in high interest rates (12-14%), but borrower can always refinance after one year of "on-time" mortgage payments to bring rate down. Please keep in mind these are "general" guidelines. Some lenders assign different grades or use different grade definitions based upon their own method of evaluation. Always remember to check your credit report for errors once a year! It is estimated that 50% of all credit reports contain errors significant enough for an individual to be denied a loan! test:Is this way message to long
To: deleted yes, it was way to long. You quoted my statement. Were you agreeing, disagreeing or just exercising your right to create an extrememly long post. lol.
Re: To: deleted Agreeing..............................."So what if the fico analysis says that we are just below average with our low 700 scores. Don't we know that we can get prime loans with anything above 680 in most cases."....................and showing examples are you really a dentist?
Am I really a Dentist. Roni is the dentist. I guess my cover was really blown huh. lol. That was joke above. Do you have a sense of humor? roni
Re: Am I really a Dentist. roni/dallas ...i'm still waiting to be able to kill for that 680 ...then i become shallow and balk at 700+ too. after reading some of the rags to riches stories... i'm encouraged...so remember there's still quite a few transient visitors that appreciate the incite and wisdom; and hopes to be able to look down their noses at the 680's soon ... keep it coming....
Roni/Dallas Since it is apparent that it was my post you were disagreeing with my concern was not that my 700+ is low or I will have trouble getting loans or credit cards. My view was how one sided FICO/credit bureaus/banks are. I am happy to know my score and I am not the least bit disappointed in it. But the credit bureaus and banks have been paying us for fools for many years. As I mentioned in my "speech" it kinda like letting a sixteen year old buy a car, but no one has any intention to teach him how to drive it. My intention was to show how important credit education is. Many of us, if not all of us, have made mistakes on our credit and hopefully learned from them. But a lot of the mistakes we made could have been non-existent if someone was willing to teach us how to use our credit wisely and effectively. To make a long story short, it irked me that I worked darn hard for my credit score only to have FICO (a system that knows nothing about me except for what credit I attained) tell me, basically it stinks. Dani
Re: Roni/Dallas A few months ago, some of us would have killed to have a fico score above 680. Some of us would have to break over 650. Now, some of us have scores in the 700's...and we still aint happy. was not disagreeing at all...i think you misunderstood ...only commenting on the above statement...i thought it was funny and probably the other SUB 680 FICOLITES i was pointing out that i'm at the lvl you guys were before you got the better ratings and i'm looking on this board for answers that you guys provided to get to where you are now... AND I AGREE WITH YOUR LAST POST...obviously, this not something we are taught in school nor do parents emphasize the importants of credit...it's a trial by fire kinda thing and usually it's more fire than trial
Link Link, I was responding to Dallas about a thread I posted on either March 23rd or 24th. I was venting how unjust FICO's system is. I hope I don't come across on the board as somebody who looks down her nose at everybody else (at least until I reach 850-just teasing) or as an whiner who wasn't happy with her score. I just found it silly that no # is a good # with FICO. So I have made it my Aquarian mission to get Virginia's high schools to teach some form of credit education. So far I haven't gotten a reply, but I will nag VA's House of Delegates until I do. Link, sorry for going on and on. Wishing you the best, you'll have A+ credit in no time. Dani
