Search results
Results from the WOW.Com Content Network
Here are the most commonly used FICO credit score versions across the different credit bureaus: Score. Experian. Equifax. ... Used in mortgage lending. FICO® Score 2. FICO® Score 5. FICO® Score ...
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]
You have an excellent credit score if your credit score falls within the 800 to 850 range for FICO — which is most commonly used by lenders — and the 781 to 850 range for VantageScore.
You can get a mortgage with a credit score as low as 620, 580 or even 500, depending on the type of loan. ... Here’s how those ratings work: Credit score range. Rating. Below 580. Poor. 580-669 ...
FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is an American data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. [ 2 ]
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)
Credit scores usually range from 300 to 850 showing the customer's creditworthiness. A customer with a high credit score shows that they are creditworthy and banks will have no problem giving them a loan. If a customer has a low credit score then banks would be hesitant to give out a loan and if they do it might be with a higher interest rate.
As you can see in the example above, having a FICO Score in the lowest range shown in the calculator (620-639) could cost you an extra $377 per month on your mortgage payment compared to someone ...