Understanding Your Credit Score!
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FICO?

 

Simply stated, a fair Isaac ( FICO) Score is a

number between 350 and 850, and is calculated

by using approximately 45 different criteria

from a person’s credit profile.The

score is intended to indicate a person’s credit

worthiness. The higher the number, the better.

 

Your credit is broken down into three

primary categories:

 

1.    MORTGAGE CREDIT -- This category includes

your payment history on existing and previous mortgages.

 

2.    CONSUMER CREDIT -– This category relates to

installment and revolving credit. Installment credit

includes long-term

credit with structured payment plans, such as car loans

or student loans.

 

Revolving credit includes department

store and bank credit cards.

 

3.    PUBIC RECORDS -- This category relates to

public records such as previous bankruptcies,

collections, foreclosures, and judgments.

 

ADDITIONAL ISSUES INCLUDE:

1.      Number of credit lines.

2.      Payment history.

3.      Severity of delinquencies.

4.      Current level of debt.

 

     GENERAL GUIDELINES

IF YOUR FICO SCORE

                                     IS:

Under 600  You are considered sub-prime and are difficult to finance.

                             

601-680       You might have certain limitations to loan programs available.

 

681-719         You are able to go EZ qualifier with most lenders.

     720+    You have excellent credit, with your choice of lender programs.

                                                                                                                                                                                                                                          

 

 

 

 


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27941 La Paz Road Suite A • Laguna Niguel, CA 92677
Phone: (949)463-1394 • CA BRE# 01312208
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