Credit Score (FICO) - Stacy Seymour, Real Estate Agent

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Credit Score (FICO)

What is FICO?
It is called FICO because the software used to calculate a large number of credit scores was created by Fair Issac Corporation (FICO).

How important is your credit score?
Your credit score is an important factor when you plan on borrowing money to purchase a home. Early in the process you will find out your credit score, if you don't already know it. This score will determine whether or not you will qualify for a loan, the loan amount, and the interest rate for which you can qualify.

What is a good credit score?
A good credit score is generally considered over 700. Those borrowers with a FICO score above 700 typically have more options and get better interest rates. However, this doesn't necessarily mean that you are in danger of paying more if your score is less than 700. There are mortgage loans for almost everyone needing to borrow money and other factors can also influence the loan amount and interest rate, such as the amount of down payment at your disposal.

To find out your credit score and obtain loan information, click here.

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