How would a lender rate a 672 fico score? More info: the other two are 671 and 747. Do lenders pick just one or do they average the 3?
Optional Information: Savannah, Georgia
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Your fico score represents the level of risk you present to a lender for consideration of a loan, an extension of credit, a mortgage, etc... With the 3 fico scores you have mentioned that you have, most lenders (mortgage lenders) will throw out the high score and throw out the low score and use the middle fico score for qualifying purposes. There are some mortgage lenders however, in the sub-prime market (slightly blemished credit or creative financing needs) that will use your high score for qualifying purposes and there are a few others who will use an average of the 3 scores for qualifying. However, in mortgage lending it is typical and most common for a lender to qualify you based on your middle fico score.
In regards XXXXX XXXXX types of lending, such as credit cards, auto loans, and/or other types of lending, many of these finance companies will use a specific fico score. Your fico score is usually referenced as a generic name for a credit score. The 3 scores you have all came from one of the 3 main credit bureaus, TransUnion, Equifax, and Experian. Thus, say you go to get financed for an auto loan, they may not care about what your TransUnion or your Experian scores are, they are just automatically going to use your Equifax score to base their credit decision on because that may be there financing policy. Some finance companies determine which credit score they use based on your geographic location, such as your zip code. They have studies and everything else that help them to determine which credit score to use for each area. Somehow, it always seems to work out to be your lowest credit score with these types of finance companies too.
Finally, a credit score of a 672 is pretty good in terms of mortgage financing. Ideally you would like your credit score to be in the low to mid 700's to qualify for just about anything you want (other criteria permitting) for all types of financing requests. For auto financing usually they are looking for credit scores in the very high 600's to mid 700's to qualify for their special financing offers (usually a 720-730 score or similar is required). Credit card companies definitely want to see credit scores in the mid to upper 600's and many now even want you to be in the 700's.
For more information on how credit scoring works see the following link:
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Operations manager for a mortgage company, Member of OAMB & NAMB, 10+ yrs experience in mtg industry