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FICO Score What does it really Mean

FICO Score (Also known as Credit Score): This is what the lender looks at when you tender your application for a loan – whether a mortgage or car loan. The term FICO emanated from the Fair Isaac Company who created the system for credit information rating. It measures your ability to pay your debts using a three digit number. Your credit rating is better when your credit score is higher. The range of FICO score is between 300 (the lowest) and 850 (the highest).

  • 750 and above is rated EXCELLENT

  • 720 – 749 is rated GOOD

  • 660 – 719 is rated FAIR

  • 620 – 653 is rated UNCERTAIN

  • 619 and below is rated POOR


Any score below 620 indicates higher risk of default; sub-prime score are scores under 575. If you want to get your credit score report, three main credit reporting agencies are available for you to go to. They are Experian, Equifax and TransUnion.

A bad credit report may still get you a mortgage loan for a home purchase, a refinance mortgage or cash out mortgage refinance on your present home. It doesn’t matter if you have tax liens or charge-offs on your credit report, provided you can attain the specific guiding principle for a loan approval by several of the mortgage lenders majoring in the credit damaged borrower market, you can make a headway.

Class categories are used by the home mortgage loan industry to ascertain credit risk of a given borrower. If the check determines that you have sufficient income, faultless credit and the stipulated down payment; then you are taken to be an “A” borrower. This class of borrower is qualified to go to any residential loan lender to obtain a mortgage loan. However, a mortgage borrower may not meet up in one of these areas and yet be regarded as an “A” borrower, provided the rest of the areas can compensate for the weakness.
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RateWindow™
c/o RealEspace®
8100 Dallas Parkway, Ste, 215
Plano, TX 75024
Phone: 888-880-0071
Fax: 469-252-3620