Working as a loan officer for the last ten years I have been asked this question quite a few times. The easy answer is 720 and above. Of coarse, a good FICO score doesn’t t guarantee you the best rates on a mortgage or even a car. Most of the clients that ask me this question do indeed have good credit and they know it. By asking me “what is a good FICO score” they are subliminally telling me “hey buddy I get the best rates so don t get tricky”.
For the most part these customers are right; a good FICO score does usually mean the best rate. However, putting a loan together we have to look at all pieces of the pie. I have quoted borrowers with impeccable credit rates that made them want to slap me. A good FICO score opens the gate for programs that people with lower credit scores cant even consider. However…
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