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DaBoo
05-24-2007, 04:58 PM
I have a few questions regarding credit report and FICO scores I thought someone here may know something about. I know that the information in your credit report makes up your FICO score. My question is what do most lenders (banks) refer to more often when making a decision? The score or the total credit report? (I quess I dont understand why we need to have both.) :confused3
The next part of my is about the credit report. I was late on a payment to a credit card 15 days (dont know what I did there:sad2: ) when I got a copy of my credit report it was marked in th 30 days late area. My husband thinks that any time you are late be it 1 to 30 days this will show on the credit report in this area. Is this true? I have always thought it had to be 30 days or more late to show up here.
And my last question...is there a magic FICO score that lenders look for such as no one with a score under ??? NO way. anything above ??? No problem. I understand a lot of other factor play into the decision debt to salary ratio, the purchase ect.. I guess what I'm asking is what would a good , medium, and bad score be?
Thanks for any input you may have.

Cheshire Figment
05-24-2007, 06:58 PM
The actual meaning is "late up to 30 days" or "late 31 to 60 days" etc.

You would have to have a really bad score (under 400) to get turned down by everyone. However, it is up to the lender as to what they offer you. Basically the higher your score the lower the interest rate and the higher the credit limit is set.

Basically 800 or higher (maximum is only 850) is excellent
700 to 800 is better than average
600 to 700 is average
500 to 600 is worse than average
400 to 500 is getting pretty bad
below 400 is almost impossible to get credit. That is when you get offers for secured cards, or the ones with a $250 limit and about $125 in start-up fees.

Bren's Mom
05-24-2007, 09:00 PM
Starting at 660 FICO is when you'll usually begin to see the prime offers for credit, get the best interest rates, etc.

As for your late, pp and dh is correct...it's 1-30 days. However, try disputing the late with each credit reporting agency that is reporting it. (i.e. If the late shows on all 3 then dispute at all 3 agencies...if it's only showing on Experian and Trans Union dispute with those 2 but DON'T dispute with Equifax if it's ok.) Often you'll get lucky and the late may be removed!! :banana:

For the BEST info go to creditboards and start reading there.

MrsPooh
05-24-2007, 11:55 PM
Seeing the entire credit report rather than just the scores can be important for a variety of reasons. It does help figure debt/income ratios. Also, a person's score might be not too bad but they had a bankruptcy. The bankruptcy would show on the rpt and some lenders don't offer certain loans to someone with a bankruptcy although they might consider someone else with the same score and no bankruptcy. Also, many home mortgage lenders are willing to ignore outstanding debts in collection if they are medical related but that could only be shown by having a copy of the report. The list can go on but you get the point I'm sure.