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What's Your Home Worth
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 Contents
Mary Lou Skowronski DRE: 01398486 / Broker DRE: 01317331
Berkshire Hathaway HomeServices California Properties
1400 Newport Center Drive, #200 - Newport Beach, CA 92660
© “2018” BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate,and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property, Information obtained from various sources and will not be verified by broker or MLS.
Designations Ranks Agent Mary Lou Skowronski in the
Top 7% of Realtors Nationwide!
NABPOP BPO Certified Property Valuator, CPRES Certified Probate/Trust Real Estate Specialist, Investor Certified Realtor, ePRO – Internet Marketing Professional,
Luxury Property Specialist, AREAA – Asian Real Estate Association of America, Designer and Accredited Home Staging Specialist,
REO and Short Sale Specialist, PSC Mastery HAFA Foreclosure Prevention Counselor
Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-10. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.