The most common type of loan available to borrowers with a 612 credit score is an FHA loan. FHA loans only require that you have a 500 credit score, so with a 612 FICO, you will definitely meet the credit score requirements. We can help match you with a mortgage lender that offers FHA loans in your location.

Can you get a loan with 612 credit score?

A 612 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 612 Credit Score. Lenders normally don’t do business with borrowers that have fair credit because it’s too risky.

Does anyone have an 850 FICO score?

For most credit-scoring models, including VantageScore 3.0 and FICO, the highest credit score possible is 850. We were able to speak to two Americans who belong to the exclusive FICO 850 Club: Brad Stevens of Austin, Texas, and John Ulzheimer of Atlanta.

What is an excellent credit score for FICO?

670 to 739
The base FICO® Scores range from 300 to 850, and FICO defines the “good” range as 670 to 739. FICO®’s industry-specific credit scores have a different range—250 to 900. However, the middle categories have the same groupings and a “good” industry-specific FICO® Score is still 670 to 739.

What does a credit score of 612 mean?

A 612 credit score is a very low credit score and means bad credit. 612 is NOT a good credit score. Someone with a credit score of 612 will have smaller chances of getting a loan or even a good job compared to people with a higher credit score. How much house can I afford with my salary?

What do you need to know about the FICO score?

A credit score helps lenders evaluate your credit report and estimate your credit risk. The most widely used credit scores are FICO scores, the credit scores created by Fair Isaac Corporation.

What does a FICO score of 700 mean?

Here is the general scale and what the scores may mean: 700 and above: Excellent / Very Good Credit. You are considered a low credit risk by institutions and would generally qualify for the lowest interest rates and repayment terms. 680 -699: Good Credit. You will usually be approved for loans with favorable terms. 620-679: Reasonable Credit.

What does a FICO score of 350 mean?

FICO scoring was invented by the Fair Issac Corporation to create an easy-to-understand way of rating the likelihood that an individual would pay bills on time. FICO Scores range from 350 to 850 and have the following meanings: In general, a FICO score of 700 or above provides easy credit access and good to excellent interest rates.