Credit Score 662 – Credit Score 101
Credit Score 662 – Whats The Best?
Credit score 101 is the name of the 101st episode of the Martini Mortgage Podcast which is hosted by Raleigh Mortgage Strategist Kevin Martini with the Martini Mortgage Group at Benchmark Mortgage.
FACT: You need a credit to secure a mortgage.
FACT: Many people overestimate what their credit score needs to be in order to secure a mortgage. In addition, many people overestimate the amount of money that is needed for down payment to buy a home and secure a mortgage.
FACT: Your credit score does NOT define who you are.
FACT: Poor credit can become exceptional credit
Credit Score…what is considered poor, what is considered exceptional.
Credit score for the purpose of mortgage ranges from 300 to 850. The higher the score the better! There are several bracket of credit score: the highest bracket is ‘exceptional’ and the lowest bracket is ‘poor’. If your credit is at 800 or north of 800 it is considered to be exceptional. If your credit score is between 799 to 740 it is considered to be very good. If your credit score is between 739 to 670 it is considered good. If your credit score is between 669 to 580 it is considered fair and if it is at 570 or below, it is considered to be poor.
“Bad things happen to good people, your credit score does not define whop you are.” Kevin Martini
Where you get your credit score matter!
There are 3 credit repositories (a.k.a. credit bureaus or credit agencies) and they are: Equifax, Experian and TransUnion. They have literally thousands of models and every industry uses a different model so the score secured by a credit card company will be different than one by a car dealership…the score to get a mortgage will be materially different than a free consumer credit score site.
Free consumer credit reports.
Free consumer credit score site and services offered by credit card companies only offer generic score. The objective of this score is helpful to give you a feeling where your credit is on the aggregate.
“Let me use the weather as an analogy. The free consumer sites are going to tell you if it is hot outside or if it is cold outside, they might even tell you it is chilly or warm but they are not going to tell you the exact temperature nor will they be able to tell you if it going to rain.” Kevin Martini
Kevin Martini | NMLS ID 143962 | Senior Mortgage Strategist & Branch Manager | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 507 N Blount St Raleigh, NC 27604 | (919) 238-4934 | www.KevinMartini.com | Kevin@KevinMartini.com | Equal Housing Opportunity