Can you score higher than 850 on the new mortgage FICO® 9 model?

Is it possible to score higher than 850 on the new mortgage FICO® 9 model?

Much like bowling, the maximum score you can possibly get is fixed. If someone knocked down all the pins with the fewest throws of the bowling ball their score is a perfect “300”, and their score cannot be higher than 300 because that is the maximum number of possible points.

FICO® 9 model works in a similar way with the scorecards. Each version of the FICO® score has twelve different score cards and inside of those score cards are (to simplify for this example) ten different “frames”. If you were to score the best possible score on every segment (frame) of the FICO® score cards the highest score you can possibly get would be 850. There is no way to go above that, unless you’re using a different scoring model (There are many different versions of FICO® and hundreds of other credit scores).

On the bottom of the range, the lowest score they will display is actually three hundred. If you have a score that calculates below 300 FICO® will display that as “not available” or “N/A. Occasionally it will display as a zero by one of the credit bureaus. It is really not anything different than “N/A”. It’s just that particular repository in combination with that reporting agency determined that they were going to show it has zero, but really it means the same as N/A. N/A and Zero just indicate you did not get enough points to get to the minimum score that the repositories will display.

Normally when N/A is indicated it is because the consumer lacks a sufficient credit history to generate a score. It is very unlikely someone with a long credit history would score that low. Even if they had a recent bankruptcy, odds are you would still score above 300.

I know there are some different ways in Fannie Mae and Freddie Mac treat N/A vs. Zero in their automated underwriting system. They really shouldn’t, a credit score of Not Available or Zero is exactly same and should be treated that way.

If you’re looking for other ways to improve your credit score please go to GetLoanReady.com you can get free videos and worksheets to increase your credit score from a more holistic perspective. Never Pay Collections

If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If  you are a mortgage lender please share this on your Facebook or LinkedIn page.   If you have any questions, leave them down below I’d be happy to answer them.

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Is it possible to score higher than 850 on the new mortgage FICO® 9 model?

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