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The Labor Department reported today that consumer prices pushed lower in August mainly due to a big drop in energy prices, which offset advances in food and shelter costs. The Consumer Price Index (CPI) fell by 0.2% last month, below the 0.0% that was...
Credit Score Guidelines
As a key component in evaluating you as a credit risk, lenders use this information to see if you have missed payments, carry high balances, or are in other ways over extending yourself financially. The following categories are a general guideline to borrower creditworthiness (these are general guidelines only - other factors may be included in your credit evaluation and the approval process):

Excellent Credit
Credit scores of 720 and above
  • 5 trade credit lines (credit cards, auto loans, mortgages) each having been open for at least 24 months
  • All accounts have been paid as agreed
  • No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
  • Low current credit balance relative to maximum available credit limit
  • Minimum number of credit inquiries
Very Good Credit
Credit scores between 680-719
  • 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
  • All accounts have been paid as agreed
  • No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 7 years
  • Low current credit balance relative to maximum available credit limit
  • Minimum number of credit inquiries
Good Credit
Credit scores between 620-679
  • 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
  • Most accounts have been paid as agreed, with only occasional late payments
  • No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
  • May have significant current credit balance relative to maximum available credit limit
  • Several recent credit inquiries
Fair Credit
Credit scores between 580-619
  • 3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
  • Most accounts have been paid as agreed, with only occasional late payments
  • No public record of bankruptcy, foreclosure, serious past due accounts, or collections within the last few years
  • May have significant credit balance relative to maximum available credit limit
  • Several recent credit inquiries
Poor Credit
Credit scores 579 and below
  • One or more accounts have not been paid as agreed
  • May have had a bankruptcy, foreclosure, serious past due accounts or collections
  • High number of recent credit inquiries
  • Proportion of revolving balances to revolving credit limits is too high
  Americana Mortgage Group
NMLS# 22338
1615 Northern Boulevard, Suite 404
Manhasset, NY 11030
Phone (888) 262-6685
Fax (516) 627-0229

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