Stockton Credit Holds On - Know Your FICO and Vantage Scores
According to Experian the Stockton area currently ranks 79th out of 142 credit markets the company follows. This is optimistic news for the area which has been the real estate poster child for this recession with some of the highest foreclosure rates in the nation. Stockton with a current score of 744 is now just below the national average of 749.
Do these numbers sound exceptionally high for a national average credit score? If so, it’s because this statistic is measured using the new Vantage score credit rating system launched in 2006. Vantage Scores differently than the FICO system by utilizing data from millions of credit files reviewed by the Experian, Trans Union and Equifax while FICO credit ratings are based on individual credit file factors such as personal debt-to-income ratio, current credit usage and credit history.
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Consumers should know the difference between these two scores. What appears to be a good score based on the consumer’s familiarity with the FICO system could actually be a poor Vantage score if the borrower is unaware of which scoring system is being used. This possible confusion is due to the difference in how these two scores are rated.
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Vantage Scores are rated as follows:
- 901-990 A
- 801-900 B
- 701-800 C
- 601-700 D
- 501-600 F
FICO scores are rated as follows:
Anything below 600 Â = High risk borrowers
620 = Dividing line between good and bad credit
640+ = Â Pretty good
650 = Average general credit-use behavior
690+ = Very good
720 = Excellent
In order to avoid any misunderstandings always be sure to know your FICO and Vantage scores and discuss what scoring system the lender will be using to determine your credit worthiness beforehand.
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Tracy, CA, REO Tracy Home for Sale & Tracy Real Estate, 2657 Spencer Ct, Tracy, CA ,95377
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Great Tracy REO & Home for sale in one of Tracy’s most desirable neighborhoods! Kitchen boast granite counters and tile floors. Open staircase and floor plan. Built in entertainment niche w/ matching fireplace mantel. Separate family room and downstairs office space. Master bath with walk-in closet, shower stall, and tub. Backyard with swimming pool and concrete patio. Don’t pass it up!
60% or More Mortgages Underwater in Stanislaus and San Joaquin Counties
According to the Modesto Bee, in Stanislaus county underwater mortgages occur at twice the rate of the national average. The rate for San Joaquin county is even more extreme where 62.4% of mortgages are underwater compared to Stanislaus county’s 60%. The national average negative equity rate is 23% and the California state average is 33%. Areas high in negative equity have higher incidence of strategic defaults, short sales and foreclosures contributing to the slower market turn around.
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A Good Time to Invest in Tracy Real Estate
According to a recent article in the Tracy Press, The University of the Pacific’s Business Forecasting Center believes Northern California is already on the economic rebound, but San Joaquin County is not considered so lucky. North San Joaquin was the first area to suffer from this economy slump and it still has a long way to go. The unemployment rate in San Joaquin is expected to remain in the double digits well into 2012 while the rest of the state is expected to be into single digits by that time. They cite local reliance on agriculture, residential construction and government funded jobs to blame. The forecast center predicts once San Joaquin begins to recover, the city of Tracy is expected to lead the trend in business and real estate.
