Ever wonder the credit score of your potential buyer? You’ll never know for sure until their credit report is actually pulled but here’s a good benchmark.
Lenders use different credit scores when looking at potential borrowers; the two best known are the FICO score and VantageScore. According to Bankrate.com, the FICO score remains the most widely used; 90% of large financial institutions in the U.S. use the FICO score when making consumer credit decisions. The ranges for both are 300-850. The average FICO score is 695 and the average VantageScore is 673. For some lenders, anything less than a 700 or 720 FICO score may be considered a denial, resulting in a lost sale.
Credit Application Criteria
Foundation Finance uses the FICO score when making credit decisions for potential buyers. Along with the credit score the underwriters look at actual credit history (do they pay their bills on time?), debt to income ratio, revolving credit balances (are they maxing out credit cards?), etc. FFC has experienced credit analysts who review each application for credit and can find ways to approve more customers than many other lenders. Our three-tier approval system helps you close more sales…even for buyers with some credit challenges. Learn more here or give us a call at 1-855-241-0024 x5012 or email [email protected] for more information on our financing programs.
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