Credit Scoring with FICO

Lenders use FICO - a mathematical model created by the Experian
credit bureau - to evaluate the risk associated with lending you money.
FICO stands for Fair Isaac Company, the company that created the
original scoring model. Similar models have been programmed by the
other credit bureaus but they're collectively referred to as FICO scoring.

Your FICO score is calculated by a series of questions based on both your credit report &
debt-to-income ratio. Each answer accumulates a certain number of points that are
then added together for your final score.

While factors vary, individuals with FICO scores above 680 are generally deemed to be
"acceptable" for standard pricing (the average borrower is in the 600s and 700s). Typically,
the higher your credit score is, the greater your chances of getting better rates. If your
score is below 620 you can still qualify for a mortgage, but the terms may be less favorable.

Click here to get your Credit Score or a FREE Credit Report.



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