About Your FICO Score & General Credit
Are you interested in how it your credit effects, you and your loan decisions?
A FICO score is a credit score developed by Fair Isaac & Co.
Mortgage bankers use your credit score to determine how credit worthy you are for a mortgage loan.
All lenders use credit to determine your eligibility for a home loan.
If you're unsure about your credit score, please check these websites to determine it right away
Credit scores are determined by the following fiscal factors:
- Have you had any late payments with any credit vendors?
- How much credit have you already established?
- How long have you lived at your current residence?
- Have you had an bankruptcies or problems with collections?
How to Improve Your Credit
- Pay your bills on time. Late payments and collections can have a serious impact on your score.
- It can be a good thing to actively use your credit cards as long as you pay off their balances on a timely fashion
- Never miss payments
- Don't apply for credit too frequently, this can damage your reputation when you have a lot of inquiries
- Reduce your credit-card balance as much as possible, put as much cash equity as you can on your credit lines
Low Credit Score Home Loan Options
Make sure to consider all of your loan options. Not all loan types require rigidly high credit scores!
If your credit score has gone down because of recent late fees, or payment delinquencies,
you still may be eligible for a home loan through WesLend Financial. If your score is below the standard limit of 680, there are
still loan choices for you. Make sure to look into our FHA options! Federal Housing
Administration loans accounts for 20% of US mortgages, and the government insures your FHA loans so that costs are affordable.
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