Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.
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.
Back to Table of ContentsHome | Search for Homes | Advanced HOME Search | Map Search | Foreclosures | IRMO | WEST COLUMBIA | LAKE MURRAY | COLUMBIA | 137 Tylers Trail ... | 363 Ashburton Lan... | Lexington SC | Lexington SC History | Lexington SC Map | Lake Frances | Persimmon Grove | Whiteford Lakes | About Me | Contact Me | About EXIT REC | Blog | Tips to Sell Your... | Neighborhoods zoned for River Bluff High | Columbia SC | Columbia SC History | | Fort Jackson SC | SE Columbia | Irmo SC | Harbison State Park | Mortgage Rates | Resources | Lake Murray Info | Local SC Schools