Repairing your credit score - go for a higher FICO score
With all the ongoing credit mess lenders have raised the credit score ranges you need to qualify for the best rates and deals, and simply to be able to get a loan. Before the subprime mess, a FICO credit score of 620 was the lowest credit score where you could go to a conventional lender, show the proof that you are gainfully employed with a sufficient income and money in the bank or liquid assets.
Or if you didn't have enough income and/or assets, you would go to a subprime lender and still get a loan, and of course now we all know what was to happen. Now you need at least 660 and some banks have already required 680. In other words, you need to have a higher score just to have a shot at getting a deal on a mortgage or car loan.
Mon Oct 1, 2007 01:10PM | Copyright: www.bad-credit-advisor.com | More in Credit Score Help | Comments (0)
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