Excellent Credit = Smooth Sailing
Excellent Credit, if you have it, there is no need for you to read this but... CONGRATULATIONS. This is a very tough thing to acquire and keep.
A FICO Score is usually at least 700 but credit restrictions from lenders are looking for 740 and up to get the best rates.
You can still get very good financing from 680 to 740 and up. Qualifying is usually a breeze.
Some exceptions: The Best Credit sometimes shows up because there are very few credit items on a report. This happens when someone is single and has a good job history and no student loans. Or a retired couple who pays cash for everything now and has no record or history of payments.
The average score across America is 652.
We want your business, We (in the lending industry) are often so keen on fixing a credit problem that we forget your credit is excellent. We ask your forgiveness up front. We'll do it right!
We are not use to perfect credit because most people do not have it... Good credit yes. Fair credit yes.
Most people do not have poor credit either. Thank Goodness!
Thank your for your business. Now with good job and income, all we need is an appraisal and you'll be in your home in no time at all.
Excellent Credit gets the Mortgage.