Hi chrismiraszek
Middle credit score is calculated on the basis of your FICO score and is used mostly by the banks while offering you credit. According to this model the creditor looks at your FICO scores of all the three credit reporting agencies, and takes into account the middle score. For example, if your credit score is 640, 650 and 690, the creditor takes into account the FICO score of 650 while determining your interest rates and fees
sometimes banks also consider the average score while determining the interest rates and the other charges on loans. In such cases, the banks add the FICO score of all the credit bureaus and divides it by three. The score obtained is taken into consideration by them. As far as I know, this type of scoring is used mostly by sub-prime lenders.
Yes,I too think that the average credit score is a much better concept than the middle credit score. This is because sometimes the middle credit score may become too low but in such cases if we consider the average credit score, the credit score may rise. For ex, if three credit scores are 640,660 and 720, the average credit score becomes 673 while the middle credit score becomes 660. However, the mostly accepted credit score is the middle credit score.
What do you mean by middle credit score. I am not sure of this so I will check back to see what others post.
Hi chrismiraszek
Middle credit score is calculated on the basis of your FICO score and is used mostly by the banks while offering you credit. According to this model the creditor looks at your FICO scores of all the three credit reporting agencies, and takes into account the middle score. For example, if your credit score is 640, 650 and 690, the creditor takes into account the FICO score of 650 while determining your interest rates and fees
sometimes banks also consider the average score while determining the interest rates and the other charges on loans. In such cases, the banks add the FICO score of all the credit bureaus and divides it by three. The score obtained is taken into consideration by them. As far as I know, this type of scoring is used mostly by sub-prime lenders.
Okay this does make sense. I also think it is a fair way of getting a credit score.
I am not even going there. I was hoping for normal conversation.
Yes,I too think that the average credit score is a much better concept than the middle credit score. This is because sometimes the middle credit score may become too low but in such cases if we consider the average credit score, the credit score may rise. For ex, if three credit scores are 640,660 and 720, the average credit score becomes 673 while the middle credit score becomes 660. However, the mostly accepted credit score is the middle credit score.
Good explanation Anthony. It makes more sense and helps us to understand it better put that way.
CREDIT
MY CREDIT SCORE IS 608,707,AND 638 SO WHICH ONE WILL THE BANKS USE FOR HOME LOANS
Middle credit score
His question wasnt answered, he asked what company is the middle? Experion,Transunion or Equifax? I'd like to know as well.
which company
Which credit score company is the middle score