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YOUR CREDIT REPORT AND FICO SCORES Your FICO score is one of the most important factors in your loan process. Here are some FICO Facts you should know about: A Fico score is a standardized ranking generated by the three major credit reporting agencies, based on your credit history. To make the process fair for everyone involved, lenders use the the middle FICO score to determine which loans and rates you will qualify for. The formula used to compute these FICO score is not disclosed by the credit bureaus, per decisions made by the US Congress. But we do know some things you can do and they may work.
Simply put, the better your credit is, the higher your FICO score will be, and that translates into cheaper loans. Currently, a minimum score of 620 enables you to get an "A" grade loan, a score of at least 640 gets you stated income second loans, and with a score of 700 and above, you get the best rates. Repeated inquiries can lower your fico scores and you may not qualify for the loan you need It is possible to correct errors in your credit report, though it does take time and effort on your part. Click to see how you can improve your FICO scores by using Fair credit reporting act. At Alliance Mortgage, we understand that your FICO score is only one of the many important factors used to determine which loans you will qualify for. Contact us today to find out how we can help you get the loan you want.
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