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Credit Grade Calculator | |
Mortgage (and other loan) qualification is increasingly being done by means of "credit scoring." This is a mathematical analysis which considers many different aspects of your credit history -- late payments, delinquencies, tax liens, etc -- and expresses it as a single number, or "grade."
This JavaScript calculator will "score" your credit using the number of late payments you have on various credit accounts. This isn't a true "credit score," but will give you a pretty good idea of how you'd fare. Please note that different lenders may count late payments older than 12 months against you; ours doesn't. And different lenders may assign you a higher or lower score, depending on their internal underwriting requirements.
Instructions: Simply make your selections from the dropdown boxes in the table below. Your credit grade will be automatically upgraded whenever a selection is made.
Credit Grade Calculator | ||||||||||
Mortgage / Home Equity Loan (Number of late payments in past 12 months)Installment Loans / Revolving Credit (Number of late payments in past 12 months) |
* This
is an approximate rating. Different lenders may grade you
somewhat higher or lower, depending on their internal underwriting
requirements. Also, the elements which influence your credit
rating are often subject to interpretation. There may be
mitigating factors, such as a layoff for example, which are not
likely to reoccur. | |||||||||
| Real Estate Foreclosure | Personal Bankruptcy | ||
| Creditor Judgements against you | Collections or Wage Garnishments | ||
| Creditor Chargeoffs | Tax Liens |
