All About Your Credit Report and FICO Score
All About Your Credit Report and FICO Score
In many cases, when purchasing a property your credit report is more important than the money you have in the bank. There are some obvious exceptions, for example, if you purchase a property without a mortgage, cash. More often than not, is a mortgage to finance a building to be used. Your credit report is very important when borrowing money. We touch briefly on what to expect on your report, and what impact it.
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WhatYou can expect to see on your credit report
Name
Address and previous addresses
Social Security Number
Date of Birth
Employment
Lines of credit (mortgages, auto loans, credit cards, etc.)
Date credit line was opened
Balance sheet of a commercial line
Credit limit or line of credit
Collections, foreclosures, bankruptcies, judgments and liens, if any
FICO score
Your FICO score is used to determine how mucha risk that you are to a lender. Will you pay them back that they borrow money? More often than not your FICO score is used to determine your creditworthiness. The higher your FICO score less risk you in the eyes of lenders. The lower your FICO score is, the greater the risk that you pay to a lender, the higher interest rate that you can expect, and / or a deposit to be necessary.
What have influence on the FICO score?
15% Length of CreditHistory
7 years is optimal
Less than 7 years hurts your score
30% the amount of debts that are owed
Credit used by a total available credit
More than 50% on credit cards is bad, less than 30% is optimal
10% types of loans
Revolving, Installment, Mortgage
A mix is good, too many can hurt a kind
10% New Credit
Time since the last application for credit
How manynew accounts were opened
35% Payment History
Do you have late payments?
If so, how late the payments?
Missed payments?
The three major credit reporting bureaus
TransUnion
Experian
Equifax
All three credit bureaus report the same information in different ways. Normally, if you will show your credit report pulled by a creditor with three different values. In most cases, all three should beclose together. Each lender is different. Some may take the average FICO score of the three produced by these agencies. Another lender may make only one of these agencies. If you score for more information on your credit report / FICO, or how they will improve, contact a local bank or mortgage broker.
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