Your Credit Report and FICO Score

The higher your FICO score, the less risk the Bank looks at for promise to repay your mortgage. At Independence Realty Group, we can obtain your FICO score through means of a credit reporting system in house upon your first meeting to discuss your purchase of a new home!

FICO score...

Stands for Fair Isaac and Company and is the combination of credit scores which are reported through each of the major credit bureaus. Items which may effect the FICO score are listed below:

  1. Too many companies checking your credit if you have applied for credit cards for example or other credit items
  2. Delinquency in payment for example your car or a mortgage payment
  3. Too many open accounts - accounts maybe that you are not even using but have not been closed out
  4. Judgments
  5. Tax Liens
  6. Too many accounts opened within the last year

One reason...

A Lender would check your credit report would be to see what your kinds of credit you have established and what kind of outstanding debts there are. This is important because it helps the Lender decide how much you will qualify for and the information will help determine whether your loan will be approved or not. This information will also be used in how much you will pay for your loan.

What the Bank looks at...

Often times during the pre-qualification process , the Lender will pull a credit report on you and whoever will be purchasing the property with you. The credit report will reflect a "total score" of all the credit which has been established at the bottom of the report. This "total score" at the bottom is called the FICO score. 

At Independence Realty Group...

We like our customers to feel as comfortable as possible. The pre-qualification process can begin right in our office. We have the resources available to get you started in the important decision of purchasing a home. This is just one of the steps in purchasing a home .