Financing in Canoga Park>Question Details

Chris Taylor, Home Buyer in Reseda, CA

How badly will collection accounts on a persons credit report hurt to get per-approved/approved if a person has a 700 or above Experian credit rating?

Asked by Chris Taylor, Reseda, CA Mon Mar 21, 2011

I'm looking to buy in Canoga Park area.

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Answers

7
On a FICO credit score rating scale, the score ranges between 300 and 850. If you have a 700 with FICO you would be in pretty good shape providing you don't have any pending judgments or looming litigation that could impact your income stream.

Vantage credit score rating scale is as follows:

901 to 990 – A
801 to 900 – B
701 to 800 – C
601 to 700 – D
501 to 600 – F
There is no rating denoted E.

As you can see if you have a 700 score here you're not looking that great. You need to find out what system the credit reporting agency is using. Also did you get scores from Transunion and Equafax as well?





VantageScore® Report
A credit score is a number that reflects your credit risk level, typically with a higher number indicating a lower risk. Your VantageScore is generated from elements on your personal credit report which are run through a scoring model that uses your past credit behavior and current credit relationships to predict likely future behavior. Your credit score changes as the elements in your personal credit report change over time.
Because your score is based on information in your personal Experian credit report, it is important that you review your personal Experian credit report for accuracy.

VantageScore from Experian
This VantageScore is based on information from your Experian credit report.
Information often differs among the three national credit bureau reports. As a result, your VantageScore based on those reports may vary.
Your VantageScore is: 893 on a scale of 501-990. Your Risk Grade is: B
Your Credit Category is:
High Risk

Non-Prime

Prime

Prime Plus

Super Prime


VantageScore is the credit industry’s first credit score developed jointly by the three national credit bureaus. This innovative new approach to credit scoring simplifies the credit granting process for consumers and creditors by providing a consistent, objective score to the marketplace. Credit scoring is used to help potential lenders and users of credit reports quickly measure your credit worthiness and decide the type of risk they are taking by doing business with you. In addition to your credit score, lenders may also consider other factors such as your income, assets, length at current residence and employment history. There are many different scoring models used in today’s marketplace and different criteria used by different lenders. Regardless of what scoring model is used, they all have one purpose: to summarize your credit worthiness.
What your VantageScore means:
0 votes Thank Flag Link Tue Mar 22, 2011
Trust me. We could definitely get them done.
0 votes Thank Flag Link Mon Mar 21, 2011
Hello Chris,

I'm an agent working in the San Fernando Valley and I've been selling homes here since 1979 (!!). I work with a truly great lender who would be happy to speak with you. I think with a 700 FICO you should be able to get a loan without too many hurdles to cross. The lenders are now making loans to clients with FICOs over 640 with just 3.5% down payment.

Let me know if I can help you. My cell is 818-681-2678.

Kevin Dibben
DRE 00692670
Millennium RE Services
Web Reference: http://www.KevinandPaul.com
0 votes Thank Flag Link Mon Mar 21, 2011
You may get a loan, however, you may not get the best rate.
0 votes Thank Flag Link Mon Mar 21, 2011
If a persons credit score is in the 700 + or - range you may not have a problem HOWEVER much more is consider when qualify for a mortgage. Contact a lender complete loan application

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 21, 2011
Along with what was already stated, some lender also have a max. number of allowable collection accounts regardless of score. You will need to make sure that you meet this requirement as well, regardless of your credit score.

Frank Sandoval
(415) 475-9309
Frank@MortgageFinancePro.com
0 votes Thank Flag Link Mon Mar 21, 2011
Lenders will use the middle score from all 3 credit bureaus which may or may not be Experian. In addition, if it's a large collection amount, lenders will require it be paid off prior to closing on a new home. You should consult w/ your lender before you begin to search for a home. They should be able to advise on the best course of action so as to move forward w/ a pre-approval. Good luck.
0 votes Thank Flag Link Mon Mar 21, 2011
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