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Subject: Minimum FICO
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Thu Oct 05, 2006 4:22 am
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| What is the minimum FICO score that's generally required to get a decent mortgage? |
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Richard
Moderator
Joined: 27 Jun 2006
Richard's page
Posts: 126
4998 Magic Points
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Thu Oct 05, 2006 4:49 am
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welcome to CreditMagic fo
If you're looknig for zero-down financing, the middle of your three scores need to be @ 580. There are some lenders out there that will go zero down with a 560 mid score, but the terms are horrible. You may also try FHA(Federal Housing Administration) financing, which has the possibility of zero down, and there is no credit score requirement, but you need to be clean on your pay history for the past year, and your collections other than medical need to be cleaned up as well.
I've seen lenders that will do 90% financing (you have to put 10% down) with a 500 mid score.
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sdchargers_63
Joined: 13 Aug 2007
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Posts: 1334
1 Magic Points
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Subject: credit score
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Mon Aug 27, 2007 5:34 pm
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| Ok..I've seen people talking about a FICO score. I've HEARD of it, but..what does this score consist of?? From my experience, everyone has 1 credit score. But...does the Credit Bureau 'calculate' different things, to get a FICO score? Please let me know. Thanks |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Mon Aug 27, 2007 9:19 pm
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A FICO score comes from the Fair Issac Corportation. They've developed a complex mathmatical equation that assignes a value to every entry on your credit report. In order to sell more services, the credit bureaus have developed their own scoring and rating system.
For the FICO score:
Payment History (35%)
Amounts You Owe (30%)
Length of Your Credit History (15%)
Types of Credit Used (10%)
New Credit (10%)
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I don't dream since I quit sleeping |
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sdchargers_63
Joined: 13 Aug 2007
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Posts: 1334
1 Magic Points
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Subject: FICO
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Tue Aug 28, 2007 5:48 pm
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| Thanks.I never knew this. SOO, they get a score from all of these %'s??Wow!! Never knew. |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1402
34547 Magic Points
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Wed Aug 29, 2007 7:31 am
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That is why you have to equally take care of all these.
Payment History
Amounts You Owe
Length of Your Credit History
Types of Credit Used
New Credit
Things have to be in place...its not so easy but its definitely not rocket science.
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Regards,
Laura. |
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littlelady
Joined: 25 Jul 2008
littlelady's page
Posts: 6
373 Magic Points
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Fri Jul 25, 2008 3:06 am
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This forum has such helpful information. Thanks.
Most of what I need to know I find out from reading the existing threads. |
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best buy credit repair .
Joined: 25 Jul 2008
bestbuycreditrepair's page
Posts: 9
1096 Magic Points
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Fri Jul 25, 2008 1:44 pm
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650 FHA
10 years ago I filed for bankruptcy. From then on, I have been doing credit repair on my own and my wifes credit files. It is a full time job just knowing how to handle each negative trade line on your report. There are legitimate credit repair services out there. I used Lexington law, who turned out to be the worst, monthly fee schemers. I did then get tired of the wording, "this item has been verified" letters. So............ I decided to read up on the Fair Credit Reporting Act.
I am now certified. I do credit repair as a part time Job. I have had very good results. It is all in the know how. Took me ten years to learn, but I learned. The draw back to repairing credit is the time involved. Following through on replies, how to handle a collection agencies verification, or validation letter sent back to you. Its like trying to sell real eastate, You need to know what you are doing.
Feel free to visit my site:
Bestbuycreditrepair.com |
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angrylikethe greenhulk
Joined: 25 Jul 2008
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Posts: 1
39 Magic Points
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Subject: minimum fico score
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Fri Jul 25, 2008 8:53 pm
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| In brithish columbia canada, you need a fico score of 680 to 100% financing on a mortgage. I know this because my mortgage broker just told me last week that there is no lending institution here that would touch me at 627. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4309 Magic Points
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Fri Jul 25, 2008 11:44 pm
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The lowest score I ever saw was my husbands 380 something score after a nasty period in our lives when $$ was tight, we were both in school and his Student loan and CCs all went into default. I checked his FICO this morining and his lowest score is now 714  I rehabbed the student loan and DV'd the rest of the CR until it was spotless!
IN regard to the min FICO for a house I will point out that I dont think in this market a score below 680 would get a decent loan.
_________________
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Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Fri Jul 25, 2008 11:47 pm
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thank you for the pm, I am going to start on it as soon as I get to feeling betting, Have a really bad UTI, aching all over.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4309 Magic Points
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Fri Jul 25, 2008 11:53 pm
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cranberry juice will help. raises the ph of your urine to kill bacteria
_________________
****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: credit
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Sun Jul 27, 2008 9:35 am
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| I'll tell ya.....in this 'day and age' seems like all 'we' equal up to is a Credit Score..ya know? Others 'perceive' us on our credit? Gosh......We can be the most responsible people in the world and having some credit problems........and that's ALL some people see, is our credit score. Doesn't seem fair. Just thought I would 'add my 2 cents'. |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4309 Magic Points
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Wed Jul 30, 2008 9:13 pm
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Yup, the bigger the world gets the less time we have to 'judge' each other.
_________________
****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
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