Question:

What does my credit score mean?

Answer:

Do borrowers know what their credit score means? In a recent survey, only one-third were informed that their credit score meant the possibility of repaying a loan. Nowadays, everyone is using credit score to determine risk. Low credit score may get you a very bad rate loan; perfect credit score helps you get best rates and lenders will be fighting over you.

What does your credit score mean?

Your credit score is a number between 300 and 850.

Credit Score Range Meaning
750 - 850 A is excellent credit
700 - 750 B is good credit
600 - 700 C is average
500 - 600 D is poor
300 - 500 You don't want to get there!

If there have been 60 and 90 day late payments on your credit report, your score would drop. Foreclosures, bankruptcies and collections affect your score very badly.

Your FICO score can be obtained by the credit reporting bureaus. A 3-in-1 report will pull your score from the three of them.

It is not clear exactly how FICO score is calculated. High credit score means that the borrower has no recent bankruptcies, foreclosures and more than 30 day late payments.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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