Mortgage loans Obtaining Mortgage Loans Depends on FICO scores
FICO Scores were developed by Fairlsaac Corporation. Fairlsaac is a leader in the credit-management arena. Their development has become an industry standard for determining an individuals credit worthiness. The score is determined by payment history, credit history, which includes how many credit inquires have been made on you over a period of time, how much credit you have actually used and what kind of credit you are using.
The score grades your history. It provides a snapshot of how you make your payments. If you make your payments timely, you will have a low credit risk score. The FICO score shows on credit reports. If you score is lower than 500, you pay a premium to obtain a mortgage. If your score is above 700, you can obtain better interest rates.
Ways to increase your score are:
1. Pay your bills on time. Late payments reflect negatively on your score.
2. Pay your medical bills. If you account is turned over to a collection agency, this will have a negative impact on your score.
3. Pay your school loans. In addition to reflecting negatively on your...
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