Mortgage Information : Credit Rating
Here you can get an idea of where you might stand with your credit rating.
A+ to A- Considered the best credit rating. FICO scores are generally 620 and up with no lates on mortgage and one 30 days late on revolving or installing credit. No bankruptcy within past 2-10 years.
B+ to B- General good credit with FICO scores from 581 - 619. Two or three 30 days late on mortgage and two to four 30 days late on revolving or installment credit. Cannot have any 60 day lates. Must be 2-4 years since bankruptcy discharge.
C+ to C- Fair credit with FICO scores from 551-580. Three to four 30 days late on mortgage are allowed. Installment or revolving credit can have four to six 30 days late or two to four 60 days late. Must have 1-2 years since bankruptcy discharge.
D+ to D- Overall poor credit history with FICO scores from 550 and lower. Two to six 30 days late on mortgage or one to two 60 days late, with isolated 90 days late. Revolving and installment lates show poor payment record with pattern of late payments. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Must have stable employment.
Click Here to read more about your credit rating, scoring and repairing.
MALAYSIA WANTS CREDIT RATING AGENCIES TO BE GOVERNED BY REGULATIONS (Bernama via Yahoo! Malaysia News) - LIMA (Peru), Nov 20 (Bernama) -- Malaysia has proposed that credit rating agencies be governed by regulations and best practices at the ongoing Asia-Pacific Economic Cooperation (Apec) ministerial meeting here.
SEC puts off vote on rules to stem conflicts of interest in credit rating industry (Canadian Business) - Marcy Gordon November 19, 2008 - 5:06 p.m. WASHINGTON (AP) - The Securities and Exchange Commission on Wednesday delayed a plan to adopt new rules aimed at stemming conflicts of interest in Wall Street's credit rating industry.
SEC puts off vote on credit rating rules (CNN Money) - The Securities and Exchange Commission holds vote on regulations that attempt to reduce conflicts of interest in Wall Street's ratings agencies.
SEC puts off vote on rules for rating agencies (Lexington Herald-Leader) - The Securities and Exchange Commission on Wednesday delayed a plan to adopt new rules aimed at stemming conflicts of interest in Wall Street's credit rating industry. The commissioners decided to take up the new rules at the same time as other proposals that could bring significant changes for the credit rating industry, which has been widely criticized for its role in the subprime mortgage ...
Business briefs: 30-year mortgage holds steady at 6% (The Sarasota Herald-Tribune) - SOUTHWEST FLORIDA -- The average rate for a conventional 30-year fixed mortgage on a owner-occupied, single-family home with 20 percent down on Wednesday afternoon was 6 percent, the same as it was on Tuesday, Sarasota's Sentinel Mortgage reported.
SEC puts off vote on rules for rating agencies (San Francisco Chronicle) - The Securities and Exchange Commission on Wednesday delayed a plan to adopt new rules aimed at stemming conflicts of interest in Wall Street's credit rating industry. The commissioners decided to take up the new rules at the same time as other proposals that...
Ahead of the Bell: SEC rules for rating agencies (AP via Yahoo! Finance) - Federal regulators are adopting new rules designed to stem conflicts of interest in Wall Street's credit rating industry and make the business more transparent.
Default Is Thornburg's (Forbes) - Mortgage lender misses $12M payment, says it can come up with the cash before 30-day grace period ends.
Cagamas Favors Islamic Bonds to Boost Investor Demand (Update2) (Bloomberg) - Nov. 20 (Bloomberg) -- Cagamas Bhd. , Malaysia?s biggest buyer of home loans, plans to increase sales of Islamic bonds as part of an effort to boost investor appetite for its debt after mortgage defaults triggered the global credit slump.
Thornburg Misses Interest Payment, Citing Cash Crunch (Update1) (Bloomberg) - Nov. 19 (Bloomberg) -- Thornburg Mortgage Inc. , the U.S. ``jumbo'' home lender seeking to avert bankruptcy, said it missed a $12.2 million interest payment due last week because of a cash shortage.
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