700 credit score? Not considered as good as it used to be

By
Mortgage and Lending with Pro Option Mtg. 888-662-4404 nmls#390492/204296

Saying you have a 700 credit score is not considered as good as it used to be, especially with new scoring modules for the mortgage indusrty. 

 

The below is a good rule of thumb

 

840 - 800 Best

799 - 760 Excellent

759 - 740 Very Good

739 - 720 Good

719 - 700 Above Average

699 - 640 Average

639 - 620 Below Average

619 - 600 Poor

599 - 550 Very Poor

549 - 500 Extremely Poor

499 - 350 Worst  

 

Online consumer FICO scores, though pulled through Equifax, Trans Union and Experian, are Not mortgage credit scores.

 

Every product has a different scoring module. Trying to finance a car would show different scores than a trying to finance a boat or applying to obtain a credit card, etc.

 

So attempting to shop for a mortgage using online credit scores could be a huge waste of time. This is why fully applying for a Mortgage and knowing your Mortgage Credit Scores is so important.

 

 

Steve McRory

Pro Option Mortgage

REVIEWS > www.pro-option.com/ProOptionReviews 

Steve@pro-option.com

www.Pro-Option.com    

Ph: 888-662-4404 

nmls#204296

Prior Service U.S. Marine Corps

 

 

Comments (1)

Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Steve McRory the greatest power tool in the tool box is your credit score.... keep it sharp and you'll soar with the eagles....

Sep 01, 2016 09:21 PM

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