On credit scores what are the ranges, aint their 3 scores.

Fico I know is one what are the others

Poor-excellent

The 3 Credit Bureaus and their representative credit scores are...

Experian - FICO [Fair Isaac Company]
Equifax - Beacon
TransUnion - Emperica

The ranges in scores are 350-850. The breakdown of credit worthiness would be...

620 - Average
660 - Good

P.S. Yes, 720 is Excellent

I would say a 720 is excellent. That will qualify you for almost anything out there except 0% with Ford Motor Credit. They want a 730.

680 very good
660 good
620 average
600 below average
<600 poor but some can still get no money down with a 560 or 580.

Heck I closed a 465 with 52 open collections through FHA with no money down and 6.25% last year fixed.

Greg,

How in the world did you close a fha deal with that low of credit and open collections? I would never thought it could be done what did you do?
My clients equifax score was low but has not pulled from other two yet, his wife doe not have any line of credit just 1 or 2 small collections that where paid. How much was the loan for?

Thanks

126K and it took me 13 months. They went to purchase the home from a Realtor I do business with and were turned down because they had open non-medical collections in the past 24 months. These folks had bills they were not late on. They had a truck which reported 20 months as agreed, a student loan for trucking school that was 25 months as agreed, then some alternate letters of credit along with cancelled checks for rent.

They ended up doing a lease option to purchase and paid for the house 12 months as agreed while paying off about 2500 in non medical collections.

Because of the shear # of medical collections remaining their scores were very very low. They had a BK discharged 5 years prior.

I really do not feel I could close this deal again today though. The underwriter who approved it is gone. The loan is in good standing though and the customers were most thankful for me helping them and not giving up.

The last 24 months is critical.

Helluva Job! I agree wholeheartedly that regardless of what may be on someones' credit, the last 24 months weighs the heaviest in a lending decision, regardless of what their score is (bad or good; I've seen people with better scores but recent late payments, get less than competitive rate adjustments).