Data Facts presents this advanced credit scoring information that covers score cards, delinquencies, and other crucial information on credit scoring formulation.
6. I am sorry but your
application has been
denied, because your
credit score is a 580.
WHAT??!!
I just pulled my own
credit score yesterday
and it was a 635!! How
could this happen??
10. Industry Option Scores
FICO Mortgage—FICO Auto—FICO Bank Card
Have you
ever had a
mortgage
included in a
bankruptcy
or
foreclosure?
Have you ever
had a car
repossessed?
Have you ever
been unable to
fulfill a lease
obligation to
the original
terms?
Have you ever
had a credit or
bank card go
into collection
status?
Did you settle
for less than
the original
amount?
12. Now that you know
the different types
of credit scores,
you can better
explain some of
the subtle
differences in
credit scores your
customers may
encounter
43. Delinquencies
The next chart shows FICO’s
findings on the impact to credit
scores following delinquencies.
*Estimates assume all else held consistent over time (e.g. no new account openings, no
new delinquencies, similar outstanding debt).
44.
45. Delinquencies
*Estimates assume all else held consistent over time (e.g. no new account openings, no
new delinquencies, similar outstanding debt).
The next chart shows the
estimated time it will take for your
FICO score to fully recover
53. FICO 9.0
Points to Remember
FICO 9.0 retains the same
numerical range of 300-850
as the previous FICO model
This new scoring model
is NOT YET in use for
consumer or mortgage
use
54. Are You Using 00000000 ??
“Lenders using Credit Xpert as an
integral part of their loan origination
process are closing
30% more
Loans each month!”
55. If you close 6 loans per month at $200,000 each
0000000000000 can help you save 2 additional
loans that you are losing because of credit
scores
Over a year’s time, you will close $4.8 million
more loans!
55
THIS MEANS…..
56. We offer three exciting CreditXpert products
Credit Assure: Automatically scans the credit report on the
front end for opportunities to raise the consumer’s credit
score.
Credit Essentials: Determines the best actions to take to
maximize an applicant’s credit scores, returning specific
recommended actions.
What-if simulator: Powerfully simulates both pre-defined
scenarios and custom scenarios, helping make informed
decisions and uncovering new opportunities.
56
57. Thank you for Attending!
Coming soon: Trended data
57
Subscribe to our blog: www.datafacts.com
Connect on Linkedin: Data Facts, Inc
Follow us on Twitter: @dflending
Like us on Facebook: “Data Facts Lending Solutions”
Editor's Notes
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
901 – 990 = A, Super Prime
801 – 900 = B, Prime Plus
701 – 800 = C, Prime
601 – 700 = D, Non-Prime
501 – 600 = F, High Risk
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
Good morning, I hope everyone is awake and alert. Today I am going to answer some of the most frequent questions I get about credit and correct some of the mistruths about credit. As we all know, credit has become so important in today’s current housing and financing climate. My mission is to arm you with the best information about credit and help to demystify the sometimes mysterious world of credit.
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
All forms generated on 9/3 and going forward should contain the information below” ?
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
That being said, I would always go with 14 days as you don’t know which scoring formula your particular lender is using. And if you asked them if they used the classic 98 or the Classic 04, more than likely they wouldn’t know anyway.
The third myth, home loan shopping causes numerous inquiries, and therefore lowers your score. FICO has created a 30 day “shopping window” which allows you to search for the best interest rate and terms without being penalized. When shopping for a home loan, if you do all of your rate shopping within a 30 day period these inquiries are counted only as one inquiry.