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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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How Much Is Mortgage Insurance News
Geithner May Seek to Push Bair Out After Clashes During Crisis - Bloomberg
 Boston Globe | Geithner May Seek to Push Bair Out After Clashes During Crisis Bloomberg - Bair “brings a lot of credibility” on crafting ideas to ease the mortgage crisis, said Kevin Petrasic, a former Office of Thrift Supervision official who ... Mortgage proposal has faced conflict FDIC head: gov't rescue plan needs 'exit strategy' Paulson Stay the Course on Financial Rescue Plan |
The New York Times Features VA Mortgage Center.com - MarketWatch
 International Business Times | The New York Times Features VA Mortgage Center.com MarketWatch - "A VA loan allows an eligible service member to get 100 percent financing on a home without having to pay for private mortgage insurance," Long was quoted ... Family loans: 5 ways to protect your cash |
Mortgage applications up 112.1% last week, due to drop in rates: MBA - MarketWatch
 CNBC | Mortgage applications up 112.1% last week, due to drop in rates: MBA MarketWatch - Don't forget about the upfront refinance fees that they are going to charge you will take away much of the savings. Works out to exactly a $15000 savings ... US Eyes Plan to Lift Home Sales Mortgage Refinance Applications Soar As Rates Fall Sources: Treasury weighs mortgage intervention |
British Homeowners to Get Help - Washington Post
British Homeowners to Get Help Washington Post, United States - Brown did not provide many details of the plan, but analysts said it basically amounts to a government insurance program for mortgage lenders. ... |
Economic Scene Budgets Behaving Badly - New York Times
Economic Scene Budgets Behaving Badly New York Times, United States - He or she would think about how mortgage regulations should be rewritten, how health insurance choices should be presented and how carbon emissions might be ... |
You can qualify for mortgage, it's just tougher - San Francisco Chronicle
 San Diego Union Tribune | You can qualify for mortgage, it's just tougher San Francisco Chronicle, USA - Buyers with less than 20 percent to put down will wind up paying more for their loans because they will almost certainly need to take out mortgage insurance ... Reverse mortgages a lifeline for seniors |
FHA Insurance Fund Has Fallen 39 Percent - Washington Post
FHA Insurance Fund Has Fallen 39 Percent Washington Post, United States - Since its creation in 1934, FHA has been self-sustaining, meaning no public money has been used to cover its mortgage losses. Instead, FHA borrowers pay ... |
Emergency rescue for mortgage defaulters - Times Online
 Telegraph.co.uk | Emergency rescue for mortgage defaulters Times Online, UK - The Government’s plan is effectively a mortgage insurance scheme, underwritten by the Treasury. The banks will not need extra capital and in theory it will ... Brown unveils mortgage help plan Brown acts to stop wave of repossessions Homeowners will be able to defer mortgage repayments under Gordon ... |
Throw a TARP on Hank Paulson — The Treasury Secretary Should Go, Now - FOXNews
Throw a TARP on Hank Paulson — The Treasury Secretary Should Go, Now FOXNews - Co-authors Chad Terhune and Robert Berner detail: Thousands of subprime mortgage lenders and brokers—many of them the very sorts of firms that helped create ... |
Low rates breathe life into mortgage market - Columbus Dispatch
Low rates breathe life into mortgage market Columbus Dispatch, OH - Mortgage lenders are now more cautious about whom they lend to. "One thing that has changed overall in the market is the mortgage insurance companies and ... |