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Author: Getinoutofdebt Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308445  
Subject: Help with FICO scores Date: 11/27/2002 8:22 PM
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Can someone please tell me if a 701 is good or bad?. How do car dealers and house lenders look at Fico scores?
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Author: morgaine1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 146178 of 308445
Subject: Re: Help with FICO scores Date: 11/27/2002 9:17 PM
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701 is pretty good. Depending on things like debt/income ratio, that may get you into the "best" rating (I've heard 740 is usually the lowest FICO for a "best" rate.)

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Author: xxannxx Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 146179 of 308445
Subject: Re: Help with FICO scores Date: 11/27/2002 9:21 PM
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There's a section with links on this board's FAQ:

http://boards.fool.com/Message.asp?mid=10956476

This is what I found by doing a search for "FICO" from the fool home page:

http://www.fool.com/Specials/2000/sp000807.htm

Following the link to fairisaac.com brought me to these pages (and lots more):

http://www.myfico.com/myfico/CreditCentral/ScoreConsiders.asp
http://www.myfico.com/myfico/CreditCentral/ScoringWorks.asp
http://www.myfico.com/myfico/CreditCentral/LoanRates.asp (sample interest rates based on sample scores)

I hope this helps.

xxannxx

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Author: eudaimon6 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 146223 of 308445
Subject: Re: Help with FICO scores Date: 11/28/2002 9:17 PM
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fico score is one component of a lending decision. many lenders use fico score to price loans-that is, determine the interest rate they will charge, provided the application meets other requirements.

what are other requirements-sufficient income to repay the obligation, sufficient credit history to make the score a statistically useful measure of your credit worthiness, personal stability, employment stability, loan to value, down payment, and absence of major derogatory information. i have seen previous bankrupts score as high as 740, and people with multiple repossessions score above 675. someone with a bk and a repo is not going to get a super-preferred rate regardless of their fico score.

roughly speaking the breaks are as follows:
740+-super preferred, the very lowest rates. on a new car you might get a rate under 5 percent right now.
700-740-A. very good rates. the difference between a super preferred and an A runs one to two tenths of a percentage points on a car loan.
660-700 B+. this mean paying a rate 5 tenths to a full point higher
625-660 B/C this means paying a rate 1 to two full points higher
under 625-approaching sub-prime. may not qualify for gmac and ford motor credit special finance rates.

hope this helps a bit.
dean-car dealership finance guy

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