|
|
Credit Score Guidelines
As a key component in evaluating you as a credit risk, lenders use this information to see if you have missed payments, carry high balances, or are in other ways over extending yourself financially.
The following categories are a general guideline to borrower creditworthiness (these are general guidelines only - other factors may be included in your credit evaluation and the approval process):
Excellent Credit
Credit scores of 720 and above
Credit scores between 680-719
Credit scores between 620-679
Credit scores between 580-619
Credit scores 579 and below
Excellent Credit
Credit scores of 720 and above
- 5 trade credit lines (credit cards, auto loans, mortgages) each having been open for at least 24 months
- All accounts have been paid as agreed
- No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
- Low current credit balance relative to maximum available credit limit
- Minimum number of credit inquiries
Credit scores between 680-719
- 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
- All accounts have been paid as agreed
- No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 7 years
- Low current credit balance relative to maximum available credit limit
- Minimum number of credit inquiries
Credit scores between 620-679
- 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
- Most accounts have been paid as agreed, with only occasional late payments
- No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
- May have significant current credit balance relative to maximum available credit limit
- Several recent credit inquiries
Credit scores between 580-619
- 3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
- Most accounts have been paid as agreed, with only occasional late payments
- No public record of bankruptcy, foreclosure, serious past due accounts, or collections within the last few years
- May have significant credit balance relative to maximum available credit limit
- Several recent credit inquiries
Credit scores 579 and below
- One or more accounts have not been paid as agreed
- May have had a bankruptcy, foreclosure, serious past due accounts or collections
- High number of recent credit inquiries
- Proportion of revolving balances to revolving credit limits is too high
| PRIVACY | LEGAL | PATRIOT ACT | LINKS | ||
|
Apex Residential Mortgage, L.L.C. 16000 Mill Creek Blvd. Ste 211 Mill Creek, WA 98012 Phone (425) 379-2739 Fax (425) 949-4038 State Licensing Information |
|
|
All content ©1999-2008 MorSystems™ All rights reserved.
Account login
|
||