Date post: | 14-Apr-2017 |
Category: |
Real Estate |
Upload: | data-facts-inc |
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Today’s Agenda
Recap of Credit 101Different types of credit reports Score cards How delinquencies affect credit scores FICO 9.0 Q & A
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??
•Mortgage Score•Auto Score•BankCard Score•Bankruptcy Risk Score•Insurance Risk Score•Generic Consumer Score
FICO
601-700Non-Prime
Vantage Score
901-990Super Prime
A
501-600High Risk
801-900Prime Plus
701-800Prime
BCDF
The VantageScore ranges from 501-990
A letter grade is assigned to your VantageScore
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?
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
Score Card Hopping
Since filing bankruptcy, Annie has
managed her credit wisely
…she pays her bills on time
Score Card Hopping
Since filing bankruptcy, Annie has
managed her credit wisely
…she keeps her credit card balance
low
Score Card Hopping
Since filing bankruptcy, Annie has
managed her credit wisely
…she rarely applies for new credit
Score Card Hopping
Once Annie’s bankruptcy falls
off her credit report
…she moves to a different Score
Card
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).
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
Delinquencies
Points to Remember
The degree of impact on a FICO score depends on the starting point of the
credit score.
FICO 9.0
THIN FILES
A better calculation to determine credit worthiness for consumers with little credit history
FICO 9.0
Points to RememberFICO 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
Are You Using 00000000 ??
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process are closing
30% moreLoans each month!”
If you close 6 loans per month at $200,000 each0000000000000 can help you save 2 additional
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Over a year’s time, you will close $4.8 million more loans!
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THIS MEANS…..
We offer three exciting CreditXpert productsCredit 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.
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Thank you for Attending!
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