Do you know how many credit score ranges there are? Do you know how many different credit scores you have? If you think you have just one think again. Let’s take a look at some of the common credit score ranges you may be familiar with:
MyFICO FICO score range 300 to 850
VantageScore range 500 to 990
The VantageScore breakdown for good and bad scores is such:
A (901-990), B (801-900), C (701-800), D (601-700), F (501-600)
These are the nice and clean ones most people are familiar with. You can go to myfico.com and get a copy of your FICO score and it will fit somewhere in this range. But then when you apply for credit for a car loan or home loan you will learn there are more refined credit scoring formulas and ranges to learn.
Here are a few more that you may come across when trying to borrow money:
Auto Insurance Score 150 to 950
Equifax Beacon 5.0 334 to 818
Experian FICO-II 320 to 844
Transunion FICO Classic 04 309 to 839
Home Depot Credit Card Application – Experian Credit Report 250 to 900
Randolph Brooks Federal Credit Union Car Loan Application – Transunion Credit Report 336 to 843
Here’s a sample of credit scores you could get when looking for credit in 2011:
This one is from Randolph Brooks Federal Credit Union in November 2011:
639 credit score – credit denial for a car loan. This was a bad credit score.
These are from May 2011 for a home loan application:
703 Equifax Beacon 5.0
691 Experian FICO-II
739 Transunion FICO Classic 04
The credit scores came from CoreLogic Credco. As you can see, credit scores can change quickly. You can have good credit scores in one month and then you borrow so much money and get several credit inquiries on your credit report and when you go to borrown money a few months later you can have bad credit scores and you get denied credit. And you can also see that credit scores can vary widely from credit reporting agency.
So while Transunion says you have a good credit score of 739, Experian says you have an “OK” credit score at 691. And it all depends on which major credit bureau your lender works with that will determine if you get the loan you want at the interest rate you want.
Your scores can change daily as new information is reported by your creditors. So you can find yourself in the good credit score ranges one day, you may find yourself in the average credit score ranges a few days later as some inquiries or negative credit information gets added to your credit reports.
As listed on the credit score disclosure: “Because the score is based on information in your credit history, it is very important that you review the credit-related information that is being furnished to make sure it is accurate. Credit records may vary from one company to another.”
Each company has their own set of risk factors they want weighted in their credit score formulas and that is why each one has their own credit score range.
But the key to getting and staying the better credit score range is to pay all your bills on time, don’t borrow more than you need by applying for new credit often and keep your debt levels down to a minimum.
Your credit scores are used to determine whether you can get a loan and how much you will have to pay for that loan. By practicing good financial habits you can make sure you have good enough credit scores that it does not matter what credit scoring formula your lender uses and which credit score ranges they use to evaluate your credit.
I really need a new used car in the price range of 8 to 10 thousand dollars. The two credit scores I know of are 614 and 640 not sure of the third one, My problem is this I don’t have a lot of credit so I guess that would be considered slow credit or no credit. I also work for a temp service but have been with them for over two years. I don’t want to have many more inquires put on my credit report for financing. I am not sure what loan amount I will be able to get any ideas? Also if anyone has had a customer or a personal experience where they were in my shoes what banks did you go with that made a good offer.
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toledo ohio
I am a recent grad from a school in Ohio and about a month ago I became FINALLY a big girl and got my first full time job. My fiance and I live together and we decided that we’re done living in an apartment and we want to buy a house. Currently I have two jobs, making 2 grand a month before taxes, credit scores ranging from 690-720 and have not a lot of debt (college around 13,000 and my car is being taken care of by my parents with a car loan in my name to keep my score high) I have been working at a retail store for 2 years and all together I am paying 100 dollars in credit card debt a month.
We’re not looking for an expensive home, less than 90,000 is actually what we’re even looking for in a major city (I am living in Toledo Ohio… you can get a decent home for 90,000 here for some odd reason)
Is it possible for me to even get a loan or should I wait? We’re just tired of living in an apartment, he has bad credit and child support in his lap and I’m not in much debt to begin with (obviously by the description). We wanted to get a house before we got married so that my credit wouldn’t fall apart and we wouldn’t be able to get a loan. He’s trying to pay everything off but we’re getting married in a year and his debt has been on him for a good 3 years now (not to mention with student loans over 40,000)
I guess what I’m trying to ask is if I married him, would I not be able to get a house? and if I can’t get a house when I marry him, can i get a house NOW while my credit is amazing (for a new college grad everyone keeps telling me I have amazing credit…)
we want to move in September because our lease is up then and we don’t wish to move into another apartment complex.
No harshness please, this is for help purposes. I love the guy debt or not, so please be gentle. 
Technically before tax I make 2320 a month.. if that changes anything. i also make about 50 a week from my retail job because I work mostly weekends there.
Actually with this type of economy, me starting off with 2320 a month is actually good considering there’s a lot less unfortunate people without jobs. I call myself very lucky to have this job and although I do hope that the pay raises soon, I do love the experience I am getting right now. Especially with being just an entry level college grad.
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young lady
"LOL" rang clearly in my head a few moments ago when i called citibank to cancel my "identity monitor service". Mind you this would normally be a great thing to have as it tells me all of my credit scores, tells me how to fix my sh** up, and alerts me within minutes of activity that isn’t in my "normal range of activity"(which did backfire once when I was trying to buy something rather large off my debit card)… plus a bunch of other crap. This service as I said has been rather nice, until I ended up jobless and down to my last 400$, it became 12 or 13$ a month I don’t need to spend.
The nice young lady who must have been really well trained to sound american (or was actually from the midwest), tried to offer me a 50$ gift card to what I would say is the weaker end of the corporate axis of evil: Home Depot, Sears, and Wal-mart. Though Sears is just a "Ghetto but just as expensive in most cases as Macy’s" type corporate chain, I still include them.
I mean, why not have a Best Buy gift card(one of the higher end of what I’m now dubbing the CAE). At least then my broke ass would be able to go buy TRUEBLOOD season one, or six+ 4.99 dvds on sale to spend a jobless day watching. "LOL" I know wal-mart would be a good place to get them but I refuse to feed their low payed staff who are barely even qualified to work at McDonalds let alone in a far more populated enterprise such as Wal-Mart. CITIBANK POWER: ACTIVATE! FORM OF… A RETARDED CHIMPANZEE, FORM OF… 7.50$/HR 22HR/WEEK FULL TIME EMPLOYEES WHO PROBABLY HAVE TO GIVE A 45$ COPAY AT THE DOCTORS OFFICE!!!
< /end sarcasm>
I have 2 townhouses. Both are 15yr loans. Both are at 6.25%. One home is probably worth K, it was bought for K, borrowed K and I owe K on it with just over 10yrs left. The other home is probably worth 5K, it was bought for K borrowed K and I owe about K on it with 13yrs left.
I want to see if it’s possible to refinance the larger loan, and add K to the loan to pay off the smaller house. I want to have ONE mortgage, not take an equity loan and have a second mortgage. Keep things simple and I’m pretty sure it will lower monthly fees.
My credit scores are in the 750 to 800 range and, along with my savings and investments, I’m hoping that would be enough to qualify for a lower rate. I have enough money to pay for the cost of refinancing (I don’t think it’s a good idea to tack that on to the loan if I got the cash). School and property tax together is about 2.21% of the purchase price.
So, what is my best option? It’s really a small loan I know. It was a pain trying to find someone to call me back on K loan for my second house. Right now they are both financed with the same bank. Should I go to them? If it means they make less money would they even want to help me?
Most of all, is it even worth it? I’m pretty sure I won’t be moving for at least the next 10 years.
Thanks for any help.
My wife and I want to buy a house when our lease is up in ~4 months.
My wife has been at her current job for about three years, but has sub-par credit (not horrible, but not good…low 600′s).
In August, I will have been at my job one year (though I started as a temp in May 2007), and I have ‘ok’ credit (mid to high 600′s).
We will have about -5k to put down (maybe more if absolutely needed). We make 00 per month (pre-tax), have about 0 per month in debt (car payment and credit cards) and could afford up to 00 per month on housing, which from my understanding would put us at about 0-275k.
HOWEVER, we want a mortgage that is easy to pay, and are looking at houses more in the range of 0-175k (and hopefully have a mortgage payment of 0 per month or so)
Even though we are not ideal borrowers (in terms of job longevity and credit scores), will the fact that we are looking for a mortgage that is well below our means make it easier to get a loan?
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Before reading this, please be aware that i have done research on all of the topics i am inquiring about, i am asking that you only share your answers to these questions if you have had real experience with these situations or if you are a professional in this field. I can get the "facts" from the internet about how much you should put down for a home, how to increase your credit, etc. i know where the information is, i am asking for advice from people who are experienced (have gone through this situation) or are professionals in the field/related field. Thanks.
Here we go…
Im currenty putting money aside to try to get into getting approved for a mortagage. I know what everyone else "knows" about mortgages, credit scores and loans from doing research on the internet and these "Answers". Im looking to get a few questions answered:
1. Is it a good time for me to do this? (im not asking if its a good time to buy a home in general, we all know the answer to this, im asking based on my situation after you read this)
2. Am i likely to be considered for approval of a mortgage? Why (not)?
3. Is My credit score considered "Reasonable" and if not, what can be done to get to that point?
Here is detailed information you should read before giving me a standard answer that i have already found online through research:
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Begin Credit Information
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My current Credit score is 660. I have had a Capital One card for over 6-7 yrs that has not been used, i now have begun to use it in late 2010 to try to increase my credit score. I have had five credit Inqueries reported, four of which all range from 3/30/2009 to 12/7/2009. I have Two Sallie Mae student Loans which i have consolidated and have never been late. I have one negative listing from an Old Navy card from 11/1/2004 which says "Paid, was past due 90 days" in the status. So currently my only Open items are my Student Loan which i owe 00 on, and my Credit Card which i only use now to try to build up my score, my limit is 0 of which i use about 0 or less a month and pay enough so that i only owe about of my balance (i keep hearing "never owe more than 30%, 20%, 9%" — who’s to know which of these is correct?)
A few Questions on Credit:
1. Once The Credit Inquiries are removed from my credit history (which i hear that they disappear after two years) will this increase my score, if so, what percentage of my score is based on this section.
2. After the negative entry from Old Navy disappears which i hear takes seven year, will this increase my score, if so, any ideas how it may impact the score
3. What do i do about further improving my credit score?
4. I can pay off my student loan, i have just chosen to pay 0/mo out of the required /mo. If i pay it withing the next 4-5 months, does this help me?
I have a friend who recently purchased a home with his Wife and he told me he increased his credit in a matter of 9 months by getting a secured loan and paying it off right away and writing letters to get negative items removed from his credit history (his case was a bit different since he went through identity theft). Does a Secure Loan really help?
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End Credit Information
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Personal Info, Mortgage Questions
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I currently live with my Mother. She has her job making just shy of K/yr (for over 12 yrs) and has a really great credit history and score of 860+. I run a small business (Est. 10/2009) and in 2011 put myself on W2 at 41K/yr, i am going to speak to increase it to K-55K to see if it helps. I am interested in, and have been digging for information wherever possible about trying to become a home owner by end of 2011 <–> Q1 of 2012. I have been getting a lot of mixed feedback from friends, home owners and people with legal experience (this just causes headaches–>but still focused on the goal)
I will be looking to put down K if this works out and somehow using my mother to get approved for the mortgage.
1. Should i request the Loan and use my mother as a co-signer, or vice-versa, please share your expert/experienced opinion
2. What do you think about the whole idea of trying to do this by end of 2011/start of 2012 with the information i have provided?
3. ANy suggestions or ideas?
I’m likely going to need at least (by my estimate) 00 worth of dental work done. I think my insurance would cover 00 of it.
My credit scores, if a factor, range from 650 to 690 – worst things showing on them is a paid collection from 2004 and a 30 day late CC payment from 2007. Is that likely to prevent me from getting financing on this?
Would I be better of paying for TWO dental insurance plans? Can I even do that, and file two claims?
The form I need to fill out for the dentist says "I agree to be responsible at the time of visit for all services provided." I honestly don’t, and won’t have that much money up front any time in the near future.
We are just about to have our home loan go to the underwriter…. And it is killing us….. We were prequalified and pre approved…the broker showed me a printout from his computer stating that we have been “accepted” under the FHA guidelines, for a loan…. We have given factual info. And have submitted all documentation that has been requested (W2’s, employer info, etc.) The broker told me that he would not waste his time on the loan if there were some glaring issues….But, it still has to go to the underwriter… My question is this…. If all documentation checks out and is accurate, we have filled out all paperwork correctly; the house appraisal / inspections are good. What are the chances of the underwriter rejecting the loan? Is the fact that the loan is FHA approved increasing our chances of getting approved…. There are no credit issues in the last two years. One of us has a bankruptcy from 5 years ago. That was disclosed and our credit scores are in the 610 – 640 range……Thanks … The sleepiness nights are killing us…We just want an answer….
We are just about to have our home loan go to the underwriter…. And it is killing us….. We were prequalified and pre approved…the broker showed me a printout from his computer stating that we have been “accepted” under the FHA guidelines, for a loan…. We have given factual info. And have submitted all documentation that has been requested (W2’s, employer info, etc.) The broker told me that he would not waste his time on the loan if there were some glaring issues….But, it still has to go to the underwriter… My question is this…. If all documentation checks out and is accurate, we have filled out all paperwork correctly; the house appraisal / inspections are good. What are the chances of the underwriter rejecting the loan? Is the fact that the loan is FHA approved increasing our chances of getting approved…. There are no credit issues in the last two years. One of us has a bankruptcy from 5 years ago. That was disclosed and our credit scores are in the 610 – 640 range……Thanks … The sleepiness nights are killing us…We just want an answer….
