@Anonymous wrote:Hello everyone,
Im new to myfico website and being little confused on start. Need the following 3 infos, first and second can be (i hope so) answered quickly, while third one might also be but it could take weeks for me to learn about it:
1. What is difference between terms ''Fico Score'' and ''Credit Score''?
2. Does myfico website provide Credit Score only in particular range (e.g. from 300 to 850 including 300 and including 850) or *ANY* Credit Score?
3. Once I get Credit Score, how do I find out for what kind (e.g. boat, yacht, real estate, car,...) of loan could I get my loan application approved? I believe this question cannot be answered in single question, it takes a lot of info to study it (i assume so), e.g.
- bank name
- type of bank account
- subject what loan is for
- how many months for returning the loan amount
- actual loan amount
- any mortage (i doubt so) being active
- any data (salary is NOT stated here unfortunately) from credit and/or background report
etc
So to simplify my question: once i get Credit Score number, how could I know for what amount of loan and for what subject do I have a chance to be approved so I don't consume my time filling loan application?
Appreciated!
Welcome to the forums!
1) FICO refers to the company which developes the proprietary FICO score algorithms used by (ballpark marketing number) 90% of the industry. Any credit score which doesn't state FICO with the trademark referenced (either with the symbol or down in the footnotes) is something else.
2) MyFICO currently provides FICO 8 baseline (no industry options) for Experian, Equifax, and Transunion now. Those all range from 300-850, other scores vary in their score ranges.
3) Impossible to say for two reasons: first, every lender has different underwriting criteria, and second, a credit score is only one part, and not always the most important part when it comes to getting a loan underwritten. It is likely the gatekeeper as it's so easy: if your score isn't at least X on whatever algorithm the lender has selected (which may not be the ones found on myFICO), you're out of the pool; however, hitting the FICO criteria for something like a mortgage isn't expecially hard (virtually anyone can do it within a year if they work at it) and then it comes down to the more important things like your income, your debt to income, and your assets... and FICO doesn't measure 2/3 of that in any form or fashion, nor does it take into consideration your debt to income (DTI). For more detail on this look at the stickies in the mortgage forum where there's one titled akin to "Thinking of a mortgage? Here's what's needed" and there's a list of things for people (folks in the mortgage industry who frequent these forums) to give a probable thumbs up or thumbs down on the likihood of getting a mortgage successfully underwritten.
