Reply
New Contributor
Posts: 69
Registered: ‎03-07-2007
0

Mid FICO

When getting a home loan I've heard that lenders go by your Mid FICO.  My scores are TU 577 EQ 643 and EX 655.  So, even though my TU is completely trashed, all he's going to care about is that my mid FICO is 643, right?
 
One more question, is it true that a mid FICO above 620 pretty much qualifies a person for the lowest rate?  I've heard that, but myFICO shows rates going down all the way to 720.  What additional hoops do you have to jump through to ge the best rate with a 643 mid-FICO?
Regular Contributor
Posts: 244
Registered: ‎04-16-2007
0

Re: Mid FICO

Although your mid FICO is important, that is not all the lender would be concerned with.  They will scrutinize your report and it depends upon what else is on there such as open collections, chargeoffs, leins, mortgage payment history, etc...So although your mid is probably good enough for a decent rate, you may not qualify based upon other factors. 
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Mid FICO

Your score is not the the only determining factor.
New Contributor
Posts: 67
Registered: ‎04-13-2007
0

Re: Mid FICO

99% of the lenders will look at the middle score. There are some that will average the 3 scores and some that will use the high score only. As stated above, more than just the score will be considered.
 
643 will not get you the best rate available in the market no matter how many hoops you jump through.
 
To get the best rates you need:
  • FICO 720+
  • Full Income and Asset Documentation
  • 20% Down Payment

More risk to lender ==> higher rates

 
 
 
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.