Established credit history with no problems or collections in the past 7 years.
Good Credit: FICO 680 - 720
Established credit history with minor problems in the past 7 years, but no problems
in last 12 months.
Fair Credit: FICO 620 - 680
Credit history of some late payments, currently utilize over 75% of available credit on all credit cards, collections or liens in the past 7 years.
Poor Credit: FICO is below 620
Credit history of late payments, collections, bankruptcy, liens or judgments within the past 7 years, or no credit established.
Lenders are typically able to offer home loans with credit scores as low as 500 provided that there is enough equity in property being financed to offset risk factor of low credit score.
Find out your Credit Score by using our FICO Credit ReportCredit FICO® Scores (Fair Isaac Corporation) can range
between 300 and 850 and are based on mathematical formulas using credit history
data provided by the three major credit reporting agencies: Equifax, Experian,
and TransUnion.