Many people who look for home loans these days have a vague sense of the importance of a FICO credit score in determining loan eligibility. It is true, that your credit history can weigh big in your ability to borrow the money you will need to finance the purchase of a new home. However, bad credit comes in more than one flavor. Therefore, it is important to understand exactly what qualifications are needed to achieve a sufficient mortgage loan.
Defining Bad Credit
Your FICO credit score is a three-digit number between 800 and 300. It is determined by the Fair Isaac Corp. based on a complex formula. That formula takes several factors into account before producing your credit score number. Among the points assessed by a FICO credit score is your current repayment of existing loans and your history of late payments and defaults. Having a severe issue like bankruptcy or foreclosure on your record is especially detrimental to your ultimate score and they are the two issues most likely to create bad credit.
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