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Things To Consider Before Buying A Home
Documents Needed for Loan Applications
Dos & Don'ts
How Your Credit Score Is Derived
Keep Your Credit Clean
What To Expect At Closing
Moving
Checklist
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going. Let us provide you a professional service without obstacles.
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Developed in 1956, a Fair Isaac Corporation Score (commonly called the FICO Score)
is a three digit number ranging from 300-850 and is calculated according to the
following risk factors:
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Payment History (35% of score)
- Payment information on many types of accounts
- Public record and collection items
- Details on late or missed payments – specifically:
- how late they were
- how much was owed
- how recently they occurred
- how many there are
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Amounts Owed (30% of score)
- Amount owed on all accounts
- Amount owed on different types of accounts
- Whether you are showing a balance on certain types of accounts
- How much of the total credit line is being used
- How much of installment loan accounts is still owed
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Length of Credit History (15% of score)
- How long your credit accounts have been established, in general
- How long specific credit accounts have been established
- How long it has been since you used certain accounts
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New Credit & Inquiries (10% of score)
- What kinds of credit accounts you have and how many of each
- Total number of accounts you have
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Types of Credit (10% of score)
- How many new accounts you have
- How long it has been since you opened a new account
- How many recent requests for credit you have made
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What It Means
Once the borrower’s score is derived, most lenders use a standard ‘grading’ system
to categorize the results. While some lenders develop their own systems for classification
of scores, below is a general guide of score interpretation. Used as a general reference,
this can help you interpret the credit score you’ve been given based on a grading
system typically used in schools:
CREDIT SCORE
670 and above
650
620
580
550
520 or below
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GRADE
A+ to A
A-
B+ to B-
C+ to C-
D+ to D-
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Fair Isaac Resolution Resources Helpline (800) 777-2066
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