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Here are the most commonly used FICO credit score versions across the different credit bureaus: ... Used in mortgage lending. FICO® Score 2. FICO® Score 5. FICO® Score 4. ... USA TODAY Sports.
The classic FICO credit score (named FICO credit score) is between 300 and 850, and 59% of people had between 700 and 850, 45% had between 740 and 850, and 1.2% of Americans held the highest FICO score (850) in 2019. [15] According to FICO, the median FICO credit score in 2006 was 723 [16] and 721 in 2015. [17]
Key takeaways. Getting a mortgage can cause a temporary dip in your credit score. But consistent, on-time mortgage payments will cause your credit score to rebound, and even improve over time.
An estimate by lender Blue Water Mortgage using 2019 numbers showed that a rate for a borrower in the 760 to 850 credit score range might be more than 1.5 percentage points lower than the rate ...
In zip codes that were majority Latino, 31.4% of individuals had a credit score of less than 620, and only 47.3% had credit scores greater than 700. [ 41 ] 2012 study examined the credit scores for about 200,000 consumers finding the median FICO score in majority minority zip codes was in the 34th percentile, while it was in the 52nd percentile ...
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VantageScore was created in 2006 as a joint venture between the three major credit bureaus: Equifax, Experian, and TransUnion. The primary motivation behind its creation was to introduce a more consistent credit scoring model across all three bureaus, addressing inconsistencies that existed in earlier scoring systems.
Type of Loan. Minimum Credit Score. Conventional. 620. Jumbo. 700. FHA. 580 (or 500 with 10 percent down) VA. 620 (VA doesn’t require a minimum credit score, but lenders do)