> ONLINE FICO "FAKO" SCORES vs "MORTGAGE" CREDIT SCORES

[Account Closed]

A 700 credit score isn't as good as it used to be.  And those worthless Online scores are generally a lot higher that Mortgage credit scores.

New Mortgage Credit Scoring  (un-official chart)

840 - 800 Extremely Good

799 - 760 Excellent

759 - 740 Very Good

739 - 720 Good

719 - 700 Above Average

699 - 640 Average

639 - 620 Below Average

619 - 600 Poor

599 - 550 Very Poor

549 - 500 Very Bad

499 - 350 BTR  (Born To Rent) or (Better To Rent)

Online consumer FICO scores even though pulled through Equifax, Trans Union and Experian are NOT mortgage credit scores.

Every product has a different scoring module. Trying to finance a car would show different scores than a trying to finance a boat or applying to obtain a credit card, etc.

So attempting to shop for a mortgage using on line credit scores could be a huge waste of time. This is why fully applying for a Mortgage and knowing your "Mortgage" Credit Scores is so important.

[Account Closed]

Oh yeah, everybody and their mother says they have over 700 scores.

Now, if a borrower says they keep up with their scores and they are in the 800s, then they're generally at least in the mid to upper 700 range with "Mortgage" Credit scores.

But when you ask a borrower what their credit score is and they come back with the classic..."I don't know, last time I checked it was okay"...BEWARE!  

After they have run their realtor(s) ragged showing them 40+ homes over 5 weekends, and after they have a sales contract and they finally allow you to pull credit and it says..."Hold For Cash Reward" at the bottom of the report, not so good!  ha