Updated over 7 years ago on . Most recent reply
> ONLINE FICO "FAKO" SCORES vs "MORTGAGE" CREDIT SCORES
A 700 credit score isn't as good as it used to be. And those worthless Online scores are generally a lot higher that Mortgage credit scores.
New Mortgage Credit Scoring (un-official chart)
840 - 800 Extremely Good
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 Very Bad
499 - 350 BTR (Born To Rent) or (Better To Rent)
Online consumer FICO scores even 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 on line 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.
Most Popular Reply
Why are you guys "hating" on the buyers/borrowers for going by the new Vantage 3 scoring that Credit Karma and every other "free credit monitor" service out there is now going by? When people login to one of these services that use the Vantage3 scoring system, the borrower is being told by what the media has sold as a credible company, that their score is XXX. So when these borrowers engage professional lenders and mortgage brokers, the borrower is also expecting a level of service from that "credible broker". So why the animosity towards borrowers that may not have 100% of the right knowledge of their scores? These borrowers that you're scoffing are the people that keep lenders/brokers in business...
Probably not the best marketing to blast borrowers for "being stupid" on the BP forums, if you're a lender (or moderator)... just sayin!