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FICO® Score - a Brief Explanation

When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score.

“What’s a FICO® score?” is a common reaction.

Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances are near maximum, and assorted other variables. When the credit report prints in your lender’s office, the total score is displayed. Your score can be anywhere between the high 300’s and the low 850’s.

Lenders wanted to determine if there was any relationship between these credit scores and whether borrowers made their payments on time, so they did a study. The study showed that borrowers with scores above 680 almost always made their payments on time. Borrowers with scores below 600 seemed fairly certain to develop problems.

As a result, credit scoring became a more important factor in approving mortgage loans. Credit scores also made it easier to develop artificial intelligence computer programs that could make a “yes” decision for loans that should obviously be approved. Nowadays, a computer and not a person may have actually approved your mortgage.

In short, lower credit scores require a more thorough review than higher scores. Often, mortgage lenders will not even consider a score below 600.

Some of the things that affect your FICO score are:

  • Delinquencies
  • Too many accounts opened within the last twelve months
  • Short credit history
  • Balances on revolving credit are near the maximum limits
  • Public records, such as tax liens, judgments, or bankruptcies
  • No recent credit card balances
  • Too many recent credit inquiries
  • Too few revolving accounts
  • Too many revolving accounts

FICO® actually stands for Fair Isaac and Company, which is the company used by the Experian (formerly TRW) credit bureau to calculate credit scores. Trans-Union and Equifax are two other credit bureaus who also provide credit scores.

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Assist2Sell
Piele Realty LLC

Chris Piele | 720.628.2625
CPiele@WeBuySellColorado.com
2851 S. Parker Rd. Ste PH20
Aurora, CO 80014

Testimonials

We tried to sell our home in Aurora by ourselves to avoid the high commissions that all the realtors were asking for. Frankly the process was very draining on us, trying to do our own marketing, open houses and all the stuff that comes with selling a home. I received a letter from Chris Piele at Assist2Sell and after sitting down with him, we decided to hand the task of selling our home over to him. We chose Chris because of his knowledge of “old school” and current methods of selling homes. And we felt he had the negotiation skills necessary to assure we would get the most money possible out of our home. Chris and his team quickly took care of everything needed to get the home listed and marketed, then within a just couple of days the showings to prospective buyers came in very consistently. He managed to sell our home in just one week and for the price we wanted. And did all that for a flat fee versus the high commissions all the other agents wanted to list our home. Better yet, he found us a buyer who did not have an agent so we did not have to pay a buyer’s agent commission. Frankly, we were THRILLED. If you want to save a ton of money in selling your home, and you want to sell it without a lot of brain damage, then we strongly recommend Chris Piele and his team. David and Marie Galegor
Chris Piele and his Real Estate Team were great to work with.  He helped us purchase a home in Aurora, Colorado.  He and his staff were always professional and very helpful.  I would recommend him when you buy or sell your next home.  It was a very positive experience. I would use Chris Piele for my next real estate transaction. Ronnie and Drake Davis
It was a pleasure to work with Chris in the sale of my mother’s home. He took great care of us. Our situation was unique in that my mother doesn’t own a computer…she doesn’t even have an email address. We received a generous, above asking price offer. Chris literally drove across town to her house to hand deliver the offer, explain everything, and get a signature before the deadline. He saved us thousands of dollars in commissions and provided excellent service. Chris and his staff were prompt, pro-active, professional, and in constant communication with us through the entire process. Renae Powell
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