An informal term referring to borrowers and applicants with very good credit history; they usually have credit scores of 650+, with A-plus credit starting at 720. Conforming loan programs require A-credit of its applicants. In the mortgage industry, A-credit borrowers must satisfy all of the following requirements: (1) no foreclosure or bankruptcy within the past seven years; (2) no late payments on their mortgage history during the past year and no more than one late payment in the past two years; (3) no more than one late payment on any installment loan during the past year and no more than two during the past two years; (4) no more than two late payments on revolving accounts during the past year and no more than four during the past two years; (5) no open collection accounts; and (6) a credit score of at least 650. For more information, see the "Analyzing Credit Reports" article in the "Loan Process" section.
Was this article helpful?
At least once in every person’s life comes a time when the need is great and the resources are few. It can be hard enough to make ends meet on a decent wage, but, when the times get tough and the money just is not there to meet the need, a person can easily despair.