Fico Scores
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Credit Scores are Not Universal
Credit scores are not universal. In other words, you could pull your credit score from all three credit bureaus and find that they not only don't match each other, they won't match the FICO score that your lender accesses. "This is becoming a real problem -- a lot of people simply don't know the difference between FICO scores and other scores," said Ginny Ferguson, co-owner of Heritage Valley Mortgage of California. "They think it's all the same Read More... -
Mortgage Loan - Understanding FICO Scores
Apply for a mortgage loan and you’ll soon become familiar with FICO scores. Here’s a primer on the infamous FICO scoring process. FICO scores are merely a mathematical representation of your credit record. Credit records are simply a recording of your debts and assets. Credit card balances, for instance, are a debt that appears on your credit record, as do late payments, bounced checks and so on. Credit, of course, is a huge consideration in the Read More... -
FICO Score Scale
FICO scores are used by most financing and credit institutions that measure a person's creditworthiness without the tedious requirement process of looking into the individual's income history and employment status. FICO scores are used by credit card providers and banks to determine his/her credit limits, interest rates and even paying period. Calculating one's FICO scores is a closely guarded secret, companies consider several factors prior to Read More...
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