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EXIT Coastal Real Estate Pros | 550 Forestbrook Rd, Suite 300 | Myrtle Beach, SC 29579
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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 ContentsEXIT Coastal Real Estate Pros has a team of professionals that are here to help you! We all have the need to serve others. We do this by helping you achieve your dreams in real estate. Buying, selling or investing - we are here at your service. Anyone on our team is ready. Contact us today!
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Provided courtesy of The Coastal Carolinas Association of REALTORS®.
© 2019 Coastal Carolinas Association of REALTORS® MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Real estate listings held by brokerage firms other than EXIT Coastal Real Estate Pros are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. The information 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. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Information last updated on 2019-02-19.