Russie Weidl
Watson Realty Corp | Lake Mary, FL 32746 | 407-721-8822 | russie@watsonrealtycorp.com | Register | Login
$21+ Million in Residential Sales for 2017! ♦ 20+ Years of Real Estate Experience
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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Russie Weidl
REALTOR®, PA, GRI, ASP, REOS, CDPE
7015 County Road 46A
Lake Mary, FL 32746
Phone: 407-721-8822
russie@watsonrealtycorp.com
Copyright © 2019 Mid Florida MLS. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of Mid Florida MLS. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Watson Realty Group participates in the MFRMLS Internet Data Exchange (IDX) program, allowing display of other MFRMLS broker's listings on this site. However may not include all listings currently available. Information is deemed reliable but not guaranteed. Information last updated at 2019-02-23 13:30:12.