Scoring your Credit - How's your FICO?

Be sure to see the page: (How to) Increase your Fico Score

In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, into a single indicator of whether you're likely to meet your future obligations.

All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair Isaac and Company (hence the name) and used by Experian. Equifax's model is called BEACON, while TransUnion uses EMPIRICA. While each of the models considers a range of data available in your credit report, the primary factors are:

Each of these, and other items, are assigned a value and a weight. The results are added up and distilled into a single number. FICO scores range from 300 to 800, with higher being better. Typical home buyers likely find their scores falling between 600 and 800. FICO scores are used for more than just determining whether or not you qualify for a mortgage. Higher scores indicate you are a better credit risk, and thus may qualify for a better mortgage rate. 

I lost count years ago of people who have been referred to me by their tax attorney or friend that were very concerned or scared because they have been turned down on a loan twice or 3 times already. Yet I delivered the results. Why ? Because I have a lot of experience with this.

Can I do that 100% of the time, No. No one can. Yet you can talk to my clients who prior to calling me, shopped around, got a bloody nose and a bruised ego and where ready to give up and then where told to: “Call Cliff Jack. The difference is, I know what to do and have have a lot of experience with these loan programs. My loan processor is a former Senior Underwriter, she used to hire train and manage the entire underwriting staff for a large company. So you don't have rookies trying to help you fund your loan.

II have custom software that will review your credit profile and often times can find a legitimate technique to be able to increase your credit score at the credit bureau level within 5 business days. Plus a program called “Fico Booster” that will show you what to do to increase your credit score ( Fico score ).

Be careful of all the fast credit repair companies out there. The vast majority are a con job, to get you to spend your hard earned money with little or no results. There are some good legitimate companies that will help you reduce your debt if your in over your head. Yet there’s more bad actors in it for the fast buck, than companies that are in business for the right reasons. If you want a referral to a good company that will help you reduce your debts and help you get back on track, just let us know and we can give you that information.