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Credit Score Basics

Your Credit Score is a Very Important Factor When Purchasing or Refinancing Your Home

Your overall credit picture includes your credit report and your credit score. Your credit report alone does not give your lender enough information to make a decision. That’s where your credit score comes in. Your credit score takes the info in your credit report and creates a number that represents many things such as your payment history, length and type of credit, how much credit you use, how much credit you have available and how many times other lenders and creditors have pulled your credit information.

Although the components of your credit score don’t change, different credit reporting companies may interpret the information differently, leading to different credit scores.

Maintaining a good credit score can mean big savings when you purchase or refinance.

Each credit score model has a set of ranges that help determine your creditworthiness. FICO (the Fair Isaac Corporation) is the most popular credit score provider. To a lender, your score equals risk. The lower the score, the higher the risk. Credit scoring is a predictive model of how you will or will not make payments on time in the future, based on past habits. You may have some influence over the factors that contribute to your score, but it won’t be overnight.

Understanding your FICO Score

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  1. 300-550
    Poor Credit – most likely, your application will be rejected and you will need to work on improving your score.
  2. 550-620
    Subprime : you may get credit in this range, but interest rate and terms may not be exactly what you had hoped for.
  3. 620-680
    Acceptable – you will most likely get the credit you apply for. You are considered a low risk to creditors.
  4. 680-740
    Good Credit – you will almost always be approved for your loan and you will be eligible for good interest rates
  5. 740-850
    Excellent – credit If you fall into this category, you have an excellent chance of getting a loan with a good interest rate
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