Good and Bad Credit Scores | What is a good credit score? Fico


hey this is Chris the mortgage pro
people always ask me Chris what’s a good credit score some people know some
people don’t know what a good a bad score is well let me share with you if
it’s under five hundred there’s nothing you can do right now but there are a lot
of things you could do long term to raise your FICO score now believe it or
not in certain cases I can go as low as a 500 FICO score to help people
buy a home don’t come with a 500 FICO score and expect
downpayment assistance doesn’t work that way a good FICO score
is something over 760 that’s considered great 700 is considered good
640 is considered mediocre but good enough so what do you want do you want
great credit mediocre credit low credit well the higher the FICO score the lower
the interest rate so if you got a mediocre score you’re gonna get a
mediocre rate it’s not a bad rate it’s just mediocre these things take time
they take time to work on it takes diligence to raise the score and most
people say and this happened to me when I bought my own house it’s like just get
me where I need to go so I could get in the house then I’ll work on it and
that’s exactly what I did most people if you’re just like me that’s what it takes
we’ll help you I’ll help you raise the score if that’s what’s necessary then
we’ll fire your landlord

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