Chuck Carelock HOT SPRINGS NATIONAL PARK, AR 71901 Phone: 501-538-5685 Email: chuckcarelock@gmail.com |
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Chuck Carelock
Trademark Real Estate
Phone: 501-538-5685
Email: chuckcarelock@gmail.com
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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Chuck Carelock | Trademark Real estate | Phone: 501-538-5685 | chuckcarelock@gmail.com
Hot Springs National Park, AR 71901
Copyright © 2015. Chuck Carelock, All Rights Reserved
©2024, Hot Springs Board of REALTORS®. All rights reserved.
Information deemed reliable but is not guaranteed.
The data relating to real estate for sale on this web site comes in part from the Hot Springs Data Share Program of the Hot Springs Multiple Listing Service. Real estate listings held by Brokerage firms other than TradeMark Real estate are marked with the HSDS logo and detailed information about them includes the name of the listing brokers.
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Information last updated on 2024-03-28 06:30:02.