And as always, please contact me for more information.your assign reason - how is it computed?

A mortgage lender will usually want to see a middle score of at least 620 for a conforming loan. A score of 680-720 will enable you to take advantage of the better interest rates.

It is advisable to check your credit report annually…always making sure that there are no errors. You can go online and purchase a credit report/score at www.myFICO.com.

What’s a Good Credit Score?

It Doesn’t Matter What You Buy!your assign reason - how is it computed?

• Your payment history – 35% – This includes number of accounts paid as agreed, negative public records or collections, or delinquent accounts including number of past due items, how long you’ve been past due and how long it’s been since you’ve had a past due payment.
• Amounts you owe – 30% – How much you owe on accounts and the types of accounts with balances, percentage of revolving credit that is used, and whether you’re paying down installment loan balances.
• Length of credit history – 15% – Total length of time credit has been reported.
• Types of credit used – 10% Mortgage, installment, revolving, etc.
• New Credit – 10% What’s been recently opened…or have there been a lot of inquiries?

A home…car…insurance…furniture…appliances…or any other purchase. Your FICO score will determine your qualification and interest rate. This can translate into a lot of money over the years. So, it’s vitally important to safeguard your credit information.

Mortgage lenders typically use reports from the three (3) major credit reporting agencies, Equifax, TransUnion and Experian…and make their decision based on the middle score.

How is Your Score Calculated?

Your history of paying your mortgage, car and credit card payments will be analyzed for the lst 7-10 years and a lender will be able to determine whether you’re likely to meet future obligations.

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