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Interrelated Knowledgebase About 650 Credit Score Revised
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If you have a 650 credit score than you would qualify for a competitive interest rate. Typically, a lender or credit card company sets multiple cutoff points. For example, if you are above 800, you might be offered the Platinum card. If you are above 700, you might be offered the Gold Card. Keep in mind that your "Mid" fico credit score is the one used for refinance mortgage qualification. For instance, if your Trans Union credit score is a 730, Equifax score is a 690, and your Experian score is a 670, then your qualifying credit score would be a 690.
If a person's credit score falls through the credit tiers, it can result in "tens to hundreds of thousands of dollars" in additional paid interest over the term of a 30 year mortgage. If you are on the border line, your application might be referred to a credit manager for further review. It is important to remember - what is a bad score for one lender, might be OK to another. There are still some lenders that don't use credit scores at all. Lender's set their own policies and cutoff points, and they may target their offerings to people in specific ranges of credit scores.
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There are many kinds of decisions based on credit scores. 1) Decline or Approve; 2) Require a big deposit, little deposit, or no deposit; 3) Require a big down payment, little down payment, or nothing down; 4) Offer a high, moderate, or low interest rate; 5) Fund your "paper" though this, that, or the other source of funding; 6) Offer this or that product, this or that credit card.
In most cases, the credit score will be based on just one credit bureau's data - like Experian. Sometimes, banks ask for the credit scores from all three bureaus: Experian, Equifax, and Trans Union. They then use the middle credit score. Depending on their own rules, they might use the top score, the bottom score, or the average of all three. It is totally up to the lender, or the investors that are providing the funds to the lender.
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Understanding Credit Score RangesWhen you apply for credit one of the first things almost all credit officers do is check your credit score. Although not all of those officers .....
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