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FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.
There are as many answers to this question as there are loan programs available. Most lenders will take the average of all 3 scores to evaluate an application. Niche loans, such as Easy Qualifier and low down payment loans will have higher FICO® requirements.
The FICO® model has 5 main elements:
Your score can only be changed by the way that item is reported directly to the credit bureaus (Experian, TU, Equifax). Written confirmation from the creditor is required. It is best to make these corrections before you try to purchase a home, because you can never be sure the exact impact a change will have on your score.
You should have your credit reviewed BEFORE you look for a home, and work with a PROFESSIONAL loan officer to make sure your loan is based on the most accurate information.
Back to Table of ContentsAl Dunlap: 406-649-7035 aldunlapre@aol.com
Anita Bailey: 406-240-3942 abailey@blackfoot.net
Tammy Marquart: 406-360-4516 marquart-1@outlook.com
George Bailey: 406-240-3016 georgebailey@blackfoot.net
Danielle Hagemo: 406-207-2341 daniellehagemo@gmail.com
Eric Marsenich: 406-531-9100 406pro.com@gmail.com
Ryan Mullan: 406-550-2328 msoflyfishandfloatco@gmail.com
Rachael Johnson: 406-274-2258 johnsonfamilymatters03@gmail.com
Brendan Bailey: 406-207-0893 bailey_b@bresnan.net
Keri Willhite: 406-649-7150 keriwillhite@gmail.com
RJ Brewer (Flathead Valley): 406-250-9740
Saint Regis, MT 59866
Phone: 406-649-0107
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