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Credit Scores?

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calibuck

calibuck

Too soon old, too late smart
Does anyone care to help out with the explanation of the new credit scores? Prior to the mortgage banker implosion, credit scores were ranked up to 950 (I believe). Now, (again I believe), that they are topped out at 830. Is this correct? Or can someone from the Buckeye Nation help us out understanding all of this? Additionally, what is a 'top tier' credit score (which is eligible to receive the lowest rate).

Have been assured that I am 'top tier', but the number is waaaay lower than it was last year. OK, if they want to rebench the mark I am OK with that, but of course none of this is published anywhere that we 'great unwashed' can get hold of it and understand it.

Appreciate any and all input to help me (and others methinks) 'clear away the fog'. This would help us all who might be wanting to refinance our mortgages, purchase a new or vacation home, or otherwise take advantage of Obama's mortgage deal (after all, we taxpayers are paying for it, might as well see if we can benefit as well!).

Thanks in advance.


:gobucks3::gobucks4::banger: And SCum still :scum4:
 
There are many credit scores.

VantageScore is based on 6 variables and ranges from 500-990. They grade you on A-F scale.

FICO is based on five variables and ranges from 400-850.

Depends on what your lender wants to use.
 
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NorthShoreBuck;1488621; said:
There are many credit scores.

VantageScore is based on 6 variables and ranges from 500-990. They grade you on A-F scale.

FICO is based on five variables and ranges from 400-850.

Depends on what your lender wants to use.
Click to expand...
FICO scores are the most commonly used for credit cards, auto loans and mortgages.

From my time spent in the Credit Card Industry (1996-1999), we used to view anything that was 690 or higher as being solid, and probably approved 95+% of those credit applications. From what I've recently experienced in talking with car and mortgage people, it seems as though a score of 760 usually qualifies for top tier credit offers.

I remember hearing something about a score of 800+ being a possibility for an additional tier of credit offers, but, if true, that must only exist with select lenders if it's still in effect anywhere.
 
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Has your credit score ever [censored]ed on your carpet? :biggrin:

[ame="http://www.youtube.com/watch?v=CdY4dtewURQ"]YouTube - Free Credit Report.com Hilarious Commercial - Good 745 (High Quality)[/ame]

:slappy:
 
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