What Is Mid Score Credit Rating?

Credit scores are used to determine whether or not you will get approved for credit with a company and then if approved, what your APR for that credit will be. It is therefore important to try and keep your credit score as high as possible so that you can qualify for the best rates.

Credit Bureaus

Lenders typically use your credit score from either TransUnion, Equifax or Experian to decide whether they will give you credit. All three of these scores are different based upon each credit bureau's own algorithm.

Mid Score Credit rating

A mid score credit rating is when a company, typically a mortgage company, bases your offer of credit on the mid score. This is taken from your three credit report scores, and the scores are put in descending order. For example, if your three scores are 650, 630 and 610, your mid score credit rating would be 630.

Scores Wanted

In order to get a mortgage, you want to make sure that all your credit scores are good, but the lowest mid score that is accepted is approximately 620.

Warning

It is therefore extremely vital that you keep on top of all three of your credit reports, because even if one score is 720 but the other two are bad, you can still be denied credit.

Credit Scores

You can monitor all three of your credit reports, but you can only get your official FICO scores for TransUnion and Equifax. So it's important to make sure you pay special attention to your Experian report, and make sure everything is being reported correctly.