Jeanne Goldrick Connecting People & Casper Connecting People & Homes 307.262.1365 | Email Me |
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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Jeanne Goldrick
Associate Broker/ Owner
#1 Properties of Casper, LLC
"Knowledgeable, Experienced, Innovative"
400 East 1st Street, Suite 304
Casper, WY 82601
307-262-1365
goldrickjeanne@gmail.com
Jeanne Goldrick | 307-262-1365 | goldrickjeanne@gmail.com
#1 Properties of Casper, LLC | 400 East 1st Street, Suite 304 | Casper, WY 82601
Copyright © 2016. Jeanne Goldrick, All Rights Reserved
©2024, Wyoming MLS (Casper Board of REALTORS®). All rights reserved.
Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The data relating to real estate on this web site comes in part from the Wyoming MLS Internet Data Exchange Program. Real estate listings held by brokerage firms other than the listing office named are marked with the Wyoming MLS IDX logo and detailed information about them includes the name of the listing broker. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information last updated on 2024-03-28 17:30:21.