cancel
Showing results for 
Search instead for 
Did you mean: 

What do lenders consider a Subprime score?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Contributor

What do lenders consider a Subprime score?

Is it below 700? 650? 500? What is it? What is the subprime range

I want to know how subprime I am
Message 1 of 17
16 REPLIES 16
Valued Contributor

Re: What do lenders consider a Subprime score?

I don't think there is an exact score or an exact cut off but If I were going to take a stab at it  I would say if you are under 650 you could be a sub prime.
Message 2 of 17
Frequent Contributor

Re: What do lenders consider a Subprime score?

sub sub sub prime here 472 EQ
Message 3 of 17
Moderator Emeritus

Re: What do lenders consider a Subprime score?

I would say under 600.. but each creditor has their own definition of sub-prime as well.
Message 4 of 17
Super Contributor

Re: What do lenders consider a Subprime score?

I got an unsecured Visa from a CU ($1000) when I was in the low 600's
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 5 of 17
Member

Re: What do lenders consider a Subprime score?

I was just approved for a conventional mortage at 6.9 with a mid score of 634 at the time of approval last month... the bank I am using said that was a good score.....
Message 6 of 17
Regular Contributor

Re: What do lenders consider a Subprime score?

Prime starts at 620 but you really need to look are your credit histroy.
 
The ideal prime borrow will have no or paid in full collections, no leins, no judgments, no BK, and no repo's. BK's 5 - 7 years old are ok but you can have NO LATES and anything. You can have 1 late and there but you need a good letter to explain.
 
This is for mortgages
Message 7 of 17
Regular Contributor

Re: What do lenders consider a Subprime score?

this may or may not help....it is all so confusing.

Testimony of Prof. Michael E. Staten, Director, Credit Research Center, Georgetown University, before the United States House of Representatives Committee on Financial Services Hearing on “Subprime Lending: Defining the Market and its Customers,” March 30, 2004:

Banking regulatory agencies generally designate a subprime borrower as having one or more of the following credit history characteristics: two or more 30-day delinquencies in the past 12 months; one or more 60-day delinquencies in the last 24 months; a collection-related legal judgment, foreclosure, repossession, or account charge-off in the past 24 months; bankruptcy in the previous 5 years; a high default probability as measured by a Fair Isaac Co. (FICO) credit score of 660 or below; or a debt-service-to-income ratio of 50% or greater.
Message 8 of 17
Moderator Emeritus

Re: What do lenders consider a Subprime score?



rifleman wrote:
Is it below 700? 650? 500? What is it? What is the subprime range

I want to know how subprime I am

Another subject without a true consensus, every lender is different.  I believe it's below 600. 
Message 9 of 17
Established Contributor

Re: What do lenders consider a Subprime score?

i would define "subprime score" as whatever my score is at any given time that i need credit.
Message 10 of 17