Do lenders use credit score or fico score for mortgage rate?

Answer Lenders use both credit and FICO scores to determine mortgage rates for individual borrowers. Mortgage companies use a "tri-merge" credit report that lists credit bureau scores from Experian, Equif... Read More »

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Can you get a good mortgage rate with a fico score of 623?

On One Hand: Low Credit ScoreAccording to Bankrate, a credit score of 623 places you just above the subprime loan category. Because of your low credit score, you will likely pay a higher interest r... Read More »

What is the difference between a fico score&a credit score?

A FICO score and a credit score are essentially one in the same. The FICO score was created by the Fair Isaac Corporation. It is the most frequently used credit score.FICO AliasesAll three major cr... Read More »

What should a FICO score be to get approved for a mortgage?

On One Hand: Magic Number Is 620To be approved for a traditional mortgage, a borrower needs a minimum of 620 for a credit score. Additionally, the content on the credit report matters as well. The ... Read More »

What is the minimum FICO score needed to obtain an FHA mortgage?

The Federal Housing Administration has no firm floor on allowable credit scores as of July 2010. FHA's Assistant Secretary of Housing David Stevens proposed implementing a "two-step" FICO floor pla... Read More »