www.absolutelyfreecreditscore.org What Is The Highest Credit Score Range? What is the highest credit score range? This is the most regular query of creditors who are more inclined to approve the credit applications of the most credit reliable applicants. According to FICO standard of credit score rating, this grade of 760 to 850 is the most perfect credit score scale. This rating is graded as excellent and is above the good credit rating range of 700 to 759. Despite the fact that a credit score calculator could produce a score with the same analysis, it is not as accurate as the one created by the credit bureaus of Experian, TransUnion and Equifax in the US. The bureaus now use their own version of VantageScore that uses a separate version of numbers and letters with a different credit score range. However, both methods are in agreement that a lower grade represents a risky customer while a higher score means a low risk client and better auto and home loan rates. The question, what is a credit score is now more explained by comparing the two methods ;your understanding of credit score meaning deepens if your rating is extremely poor on the credit score scale in any of the three credit clearing houses mentioned. Although, the FICO method is universally accepted, it still depends on the individual companies which approach they will use in evaluating the credit worthiness of their individual clients. There are firms in other countries that utilize other approaches in ...
http://leafgardenpress.com/ What Is The Highest Credit Score Range?
The credit score range will be the one to determine whether you are worthy enough for a loan. You will have a credit score that will fall within 300-850, 850 being the highest. Your credit score can either get you into trouble or make your life easier because of how bankers or lenders will see you. Take a look at the score range below and know more about how it will affect your life.
Excellent= 750-800
Easy loan applications (Car loan, home loan, student loan, appliance loan) with low interest rates.
Good= 680-699
Easy loan applications (Car loan, home loan, student loan, appliance loan) with reasonable interest rates.
Average= 620-679
Easy loan applications (Car loan, home loan, student loan, appliance loan) with fair interest rates.
Low=580-619
Difficulty in having an approved loan plus you’ll get very high interest rates.
Poor= 300-579
Chances of being denied are high with very high interest rates.
The ones above are just to give you an idea of what to expect depending on the score that you have.
Check your credit score regularly; you are entitled to one free credit reports every year from the three big credit agencies. Better to request for a report every 3-4 months. Check it for errors and if there are any, file a dispute as soon as possible. Errors can affect your future transactions and may put off your score too. Next, try to finish off all your balances. In fact, you’ll get better results if you pay more than what is necessary. If you do this, you’ll finish it off faster and the interest rate will be go down as well. You’ll be saving more money overtime.
When the bill comes, pay for it as soon as possible. Paying out on time is a good way to get credit score higher. Be warned that missing out on a payment will leave a mark on your record that may stay for 7 years, so you better steer clear from doing that.
That’s basically what you have to do to be within a good range. Just keep track of your record and pay your bills on time. Use your credit wisely and stay within the limits.
 Find More What is the good credit score range? Topics
Question by MJ: what is the good credit score range needed when buying a home.? what are the negotiations i can do with the banker while shopping for the home loans. Best answer for what is the good credit score range needed when buying a home.?:
Answer by Laissez-Faire Guy
You definitely want at least a 700 credit score. 750 is better. OK, maybe 700 is a bit optimistic. Certainly you want a minimum of 650. Bottom line, the higher the better. Skip the banker, and go to an independent mortgage broker. They will find you the best deals. If you are a first time homebuyer, make sure they look at all available state and local first time homebuyer programs. My mortgage broker found me 2 programs for first time homebuyers. One was a 30 year fixed loan with a below market interest rate, and the other was $ 25K to help with a downpayment.
Answer by dprince2469
most bank want your credit score to be at least 640 to quilify for a home. But their is some that will allow you to as low as 590. But they will require you to put down at least 30% of the loan.
Answer by engineer46526
Anything above 640 will get you a much better interest rate. Granted, if you're at 700 that would be much nicer. but on average around 640 will be good.
Answer by cmira4
720 -- easy 620 -- possible but may take time 520-- difficult, but there are some that will lend, at very high interest rates
Answer by swickstrum
You don't need a 700, if that was the case, about 70% of Americans would rent. More like anything above 600 will probably work. It all depends on what you have to put down on the house (in the bank), what benefits you are eligible for (i.e. VA, etc.), and your debt to income (which affects your credit score too). If you have enough money to put down, your credit score can be as low as 550 and you can still get approved. I agree that you should go to a mortgage broker though, normally your real estate agent will recommend a good one. I got approved for 100% financing with a score just above 600 with a VA loan, so it's possible. Try things like FHA, and other government programs if you want to do 100% financing, otherwise you should prepare to put at least 10% down on the house.
Answer by Amir T
I give people 100% loans at minimum 600 fico with stated income, and 580 with full documentation. You're rate will depend more on how much down you put than on your credit score.
Answer by Joe K
Pretty decent advice above. For the most part, if you have a pulse, you can get some kind of loan. Qualifying for a loan is NOT just based on your credit (as mentioned). The amount and rate will depend on your credit, plus your assets, income and other debts. Go to www.myfico.com - right on the homepage it will give you some ideas of how your credit CAN impact your rate. Again, there are other factors. Get prequalified with at least one trusted mortgage broker and probably shop one or two others until you find one you are comfortable with. Title companies and realtors can refer you to a good one locally. There is no doubt you can negotiate. Keep in mind, if your credit is bad, your income is bad and you don't have much money to put down, you will not be able to talk your way into a good rate, but you can still negotiate. Regards, Joe...
Answer by overhereyoupretty
650 will get you a typical mortgage...Higher the the score the better at getting lower interest rates...and possibly some lower down payment on mortgage.....
Tidak ada komentar:
Posting Komentar