Understanding The Credit Score And Mortgage Relationship
If you are considering buying a home or refinancing, the subject of credit scores has undoubtedly come up. So, what is a credit score and how does it impact you?
Understanding the Credit Score and Mortgage Relationship
In the 1960s, the concept of credit scores came to fruition. A company by the name of Fair Isaac Corp developed a system whereby credit reports could be summarized as a score. This score, known as a FICO score, could be used by lenders to determine the credit worthiness of a potential borrower.
The highest FICO score you can have is 850 while the lowest is 350. Where you fall on the scale determines the type of loan you will get.
Understanding the Credit Score and Mortgage Relationship
In the 1960s, the concept of credit scores came to fruition. A company by the name of Fair Isaac Corp developed a system whereby credit reports could be summarized as a score. This score, known as a FICO score, could be used by lenders to determine the credit worthiness of a potential borrower.
The highest FICO score you can have is 850 while the lowest is 350. Where you fall on the scale determines the type of loan you will get.
Read more at: Understanding the Credit Score and Mortgage Relationship
Labels: Consumer Credit, Credit Card For Poor Credit, Mortgage Refinancing
posted by e-borneo.com @ 6:15 PM
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