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Your Credit

 

FICO Scores and Your Credit

The FICOŽ score is the most widely used and recognized credit rating, so it's important that you know and understand your own score.

Many lenders use FICOŽ scores as their primary method to estimate risk for an individual's application.

FICOŽ scores are based solely on the information in your Credit Report. You have three Credit Reports and three FICOŽ scores. These are reported by Equifax, Trans Union and Experian.

Your FICOŽ scores are calculated by considering the items reported on each Credit Report: personal data, previous address, employment history, credit information, credit inquiries, collection accounts, delinquent accounts, public records (bankruptcy, liens, garnishments, etc.), amount of debts, open credit accounts, length of credit history and timeliness of payments are stated in your Credit Report.

Associate Mortgage knows there is more to consider than just a person's Credit Report or FICOŽ score. These reports shouldn't be the only factor evaluated for every loan application, every one is unique!

When you're ready to apply for a mortgage Associate Mortgage will pull your credit and we'll go over the details of your reports with you. But, if you know you may need to improve your credit or if you have bad credit read on...

**DO NOT ATTEMPT TO CHANGE OR PAY ANY DEBTS UNTIL YOU'VE TALKED WITH US**

Some lenders do not want debts, judgments, collections, medical bills or other items paid off. Some don't like consolidation into one payment or help from credit counselors.

EACH LENDER IS DIFFERENT. Everyone should have an opportunity for the American Dream and we would like to assist you! Many of our Lenders consider additional information or special circumstances. LET'S SEE WHAT WE CAN DO TOGETHER...

Your credit score is determined by Fair, Isaac and Co., FIC. Your credit score is a tool many lenders use to determine if you're an acceptable credit risk or not. There are a number of factors FICO uses to come up with your score.

Payment History (35%) - The largest factor is your basic payment history. The number of unpaid bills you have, any bills sent to a collection agency, late payments, etc... The more recent the problem, the lower your score.

Outstanding Debt (30%) - High balances or more precisely, balances that are close to your credit limit can negatively affect your score. Keep your balances below 30%.

Length Credit History (15%) - How long have your accounts been open? The longer, the better. You are less of a risk if you're older and have built up more credit history.

Inquiries (10%) - Every time you apply for credit of any kind, you create an inquiry on your credit report. Lots of inquiries may negatively affect your score.

Type of Credit In Use (10%) - Current loans from finance companies. How many and for how much may affect your score.

In the meantime, if you're still interested in learning more about your credit...or in pulling your credit click here...

An Article about the joint effort of FICO & Equifax to improve consumer awareness

Learn more about your FICO Scores

An Overview of Credit

The Fair Credit Reporting Act (FCRA)

Contact us directly at (561) 228-8563 or (888) 431-6387, ask us a question or two. Or, click on our Live Chat to message us now!

We look forward to hearing from you, our most important client!

 

Apply Now OnLine: Secure Mortgage Application for Purchase or Refinance of Real Estate in Florida and New York

 

Page Updated: 07/31/2007

First Published: 2004


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