creditscore

A credit score refers to a numerical based on a specific level of an individual credit file. To represent a person's creditworthiness, a credit score is specifically based on both credit reports and information typically sourced from any of the credit bureaus. When information in the credit score is updated on credit lender, you’re likely to experience a credit score changes where can either rise or fall depending on the new information. Due to the rising and failing of this credit score, you need to improve it to normal.

Your credit score could fall anywhere between 350 and 800. It’s safe to say, though, if you fall on the lower end, you’ll have a hard time finding a mortgage from any lender. That doesn’t mean you won’t find a loan, but finding a conventional loan would be next to impossible. According to Ellie Mae, the average borrower has a 752 credit score when buying a home with Fannie Mae financing. The average bo...

The FICO credit score model allows consumers to have a credit score as high as 850. Do people actually have this score? While it’s achievable, it’s not all that common. That’s why lenders often consider any credit score over 720 as ‘excellent,’ giving them the most favorable terms on their desired loan. HOW TO GET THE BEST POSSIBLE CREDIT SCORE So how do you go about achieving a credit score as high a...

One of the best mortgage programs you can use as an alternative to a conventional home loan is an FHA loan. The FHA loan makes homeownership available to potential borrowers who: a) have no money to pay for the conventional 20 percent down payment or at the least the required minimum down payment amount (possibly 5 to 10 percent of the property’s purchase price)b) want to refinance to a new mortgage with lowe...

Your credit score can make or break your ability to get a loan. So what do lenders consider a ‘good credit score?’ It can vary by lender, but on average, most lenders consider scores over 700 good. Of course, the higher your credit score the better off you’ll be. While rare, some people do have credit scores over 800, which is considered excellent. Compare Offers from Several Mortgage Lenders. HOW LENDERS...

Lenders have been using FICO or VantageScore credit scores in assessing mortgage applications. They primarily rely on these scores to determine the rate a borrower applying for a mortgage will get. Credit scores are a reflection of your credit report, a log of your credit activities in the past. We have thus gathered a handful of tips found on FICO and VantageScore websites in improving your credit score and ul...