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FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.
There are as many answers to this question as there are loan programs available. Most lenders will take the average of all 3 scores to evaluate an application. Niche loans, such as Easy Qualifier and low down payment loans will have higher FICO® requirements.
The FICO® model has 5 main elements:
Your score can only be changed by the way that item is reported directly to the credit bureaus (Experian, TU, Equifax). Written confirmation from the creditor is required. It is best to make these corrections before you try to purchase a home, because you can never be sure the exact impact a change will have on your score.
You should have your credit reviewed BEFORE you look for a home, and work with a PROFESSIONAL loan officer to make sure your loan is based on the most accurate information.
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230 S Olive St. - Malvern, AR 72104
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Information deemed reliable, but not guaranteed. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available. The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Cooperative Arkansas REALTORS® Multiple Listing Services, Inc. Real estate listings held by brokerage firms other than McClure Real Estate are marked with the Broker ReciprocitySM logo and information about them includes the name of the listing brokers. Broker ReciprocitySM information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.
Information last updated on 2024-03-28 13:30:03.