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Thinking of getting a mortgage :: How lenders rate your credit report?

Author: jessica
Subject: How lenders rate your credit report?
Posted: Fri Aug 05, 2005 1:25 pm (GMT 0)
Topic Replies: 0

Lenders rate your credit report as excellent, good, fair and poor based on your credit score.

For excellent credit, you should have a credit score of 680.

No 30 day late payments on mortgage and consumer debt for last 2 years and 1 year respectively.
No charge off, judgment or repossession for past 2 years.

For good credit, your credit score should be between 650 and 679

No 30 day late mortgage payment and not more than two 30 day late consumer debt payments in last 1 year.
No charge off, judgment and repossession for last 1 year.

Both excellent and good credits require no bankruptcy or foreclosure for last 4 years.

For fair credit, the credit score should range between 620 and 659.
Not more than one 30 day late mortgage payment and not more than two 30 day late consumer debt payments for past 1 year.
No charge off, judgment or repossession for past 1 year and no bankruptcy or foreclosure in last 3 years.

For poor credit, your credit score should be less than 620.

More than one 30 day late mortgage payments and more than three 30 day late consumer debt payments for last 1 year.
Several charge offs, judgments and repossessions for the last 1 year along with bankruptcy or foreclosure for past 2 years.

For the full story see:
http://www.mortgagefit.com/discuss/about715.html
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