About Your Credit Score

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Before lenders make the decision to lend you money, they want to know that you are willing and able to pay back that mortgage. To understand your ability to repay, they assess your income and debt ratio. To assess your willingness to repay, they use your credit score.

The most widely used credit scores are called FICO scores, which were developed by Fair Isaac & Company, Inc. The FICO score ranges from 350 (very high risk) to 850 (low risk). For details on FICO, read more here.

Your credit score comes from your history of repayment. They don't consider income or personal characteristics. Fair Isaac invented FICO specifically to exclude demographic factors like these. "Profiling" was as dirty a word when FICO scores were first invented as it is now. Credit scoring was envisioned as a way to assess willingness to repay the loan without considering any other irrelevant factors.

Your current debt level, past late payments, length of your credit history, and other factors are considered. Your score is calculated from both the good and the bad in your credit history. Late payments count against your score, but a record of paying on time will improve it.

To get a credit score, borrowers must have an active credit account with a payment history of six months. This history ensures that there is sufficient information in your report to generate an accurate score. If you don't meet the criteria for getting a score, you might need to establish your credit history before you apply for a mortgage loan.

The Mortgage Network can answer your questions about credit reporting. Give us a call at (303) 993-6358.

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