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FICO Score 101 - what does your FICO score mean to you
from: Delia GalleyFICO stands for "Fair Issac Corporation," the company that invented the FICO scoring system. Your FICO score is a number generated by one of the three Credit Report Agencies (Equifax, TransUnion or Experian) based on your credit history. This number helps lenders to predict how likely you are to pay your loans on time in the future. A FICO score will range between 300 to 850. The higher your score, the less risk you represent to a lender. Generally, FICO scores below 600 indicate a higher risk to creditors and could cause a lender to charge you a much higher interest rate or turn you down for a loan. According to the Fair Issacs Corporation, approximately 14% of credit worthiness Americans have a FICO score of below 600. This example illustrates how a FICO score can affect "real" life experiences.
Bob has a FICO score of 600 and applies for a home mortgage loan. Mary also applies for a home mortgage loan and has a FICO score of 720. According to the Fair Issacs corporation, Bob would likely get an interest rate of 8.531%, while Mary would get an interest rate of 5.702%. On a $300,000 mortgage loan, Bob's monthly payment (principal and interest) would be $2,313 while Mary's monthly mortgage would be $1,742 - a whooping difference of $571. I don't about you but I could surely use an extra $571 in my bank account at the end of the month.
What goes into my FICO Score?
Payment History - 35% of score.
* Did you pay your bills on time?
* Does your file reflect a bankruptcy, lien, wage garnishment, collections, delinquent accounts?
* How many past due/delinquent accounts do you have?
* How severe is the delinquency (30, 60, 90 days... past due)?
* How long has it been since the accounts were delinquent?
Amount owed - 30% of score.
* How much is owed on your accounts?
* How many of your credit lines are being used?
Length of Credit History - 15% of score.
* How long have your accounts been opened?
* How active are the accounts?
New Credit - 10% of score.
* What new accounts have been opened and what types are they?
* How many recent inquiries have been made against your credit?
* Is there evidence of re-establishment of positive credit?
Type of Credit - 20% of score.
* What is the number of the various accounts (major credit cards, retail cards, mortgage, equity lines of credit, etc)
What does NOT go into your FICO Score?
* Race, color, religion, national origin, sex, marital status
* Age
* Salary, occupation, title, employer, date employed
* Place of residence
* Requests that you have made for your credit report, pre-approvals, employer inquiries
* Whether or not you are participating in credit counseling.
The author is the owner of the information-rich website www.poorcreditgenie.com. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit report, credit cards and bankruptcy.
About the Author
The author is the owner of the information-rich website http://www.poorcreditgenie.com. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit report, credit cards and bankruptcy.
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Best Refinance Home Mortgage Rates News
Washington Post Columnist - Washington Post
Washington Post Columnist Washington Post, United States - Chicago, Ill.: Our mortgage is up for refinancing as of February 1st, 2009. Should we refinance now at today's rates or wait and see what happens in the ... |
Housing fix backfires - CNN
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Sites conjure up mortgage quotes, play up privacy - Arizona Republic
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Mortgage options abound — make sure you get a good one - C&G Newspapers
Mortgage options abound — make sure you get a good one C&G Newspapers, MI - Even if you don’t have the best credit — 580 and above can qualify for a loan — Collins said it’s still a good time to get a mortgage, as interest rates are ... |
Fitch Rates Riverside County, California's $116MM COPs 'AA ... - MarketWatch
Fitch Rates Riverside County, California's $116MM COPs 'AA ... MarketWatch - Average home sale prices have declined each quarter from September 2006 to June 2008, falling 25% in total so far. Based on Fitch's residential mortgage ... |
National Home-Value Drop Moderates in Second Quarter - MarketWatch
National Home-Value Drop Moderates in Second Quarter MarketWatch - Freddie Mac publishes the Conventional Mortgage Home Price Index each quarter. Index values and growth rates for the nation as a whole as well as for the ... |
Baldwin Township couple, among millions facing foreclosure in US ... - Pittsburgh Post Gazette
 Pittsburgh Post Gazette | Baldwin Township couple, among millions facing foreclosure in US ... Pittsburgh Post Gazette, PA - NeighborWorks has since April been assisting them in getting their mortgage refinanced at a fixed rate of 7.95 percent through a state program called the ... |
Tips for the Best Mortgage - 3x24 - Your Newspaper and News Magazine
Tips for the Best Mortgage 3x24 - Your Newspaper and News Magazine, Germany - This is true even if you refinance for more than the home is worth. 9. When applying for a mortgage, you will be surprised at how many fees lenders hit you ... |
Guest Editorial - Lovely County Citizen
Guest Editorial Lovely County Citizen, AR - Refinance with an adjustable rate mortgage, pull some cash equity out of your house, pay off a couple of credit cards and then repay the home loan with ... |
Lending Over Backward - Forbes
 San Diego Union Tribune | Lending Over Backward Forbes, NY - You’re definitely getting a riskier borrower that simply wouldn’t qualify for mortgage insurance in the private sector.” With US home prices down 10% in the ... Homeowners may be able to refinance mortgages |