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WHAT’S A FICO®?

What is a FICO® Score?

FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.

What Kind of Score Do I Need for a Home Loan?

There are as many answers to this question as there are loan programs available. Most lenders will take the average of all 3 scores to evaluate an application. Niche loans, such as Easy Qualifier and low down payment loans will have higher FICO® requirements.

How is My Score Determined?

The FICO® model has 5 main elements:

  1. Past payment history (about 35% of score) The fewer the late payments the better. Recent late payments will have a much greater impact than a very old Bankruptcy with perfect credit since.
    Myth - paying off cards with recent late payments will fix things. Payoffs do not affect payment history.
  2. Credit use (about 30% of score) Low balances across several cards is better than the same balance concentrated on a few cards used closer to maximums. Too many cards can bring down the score, but closing accounts can often do more harm than good if the entire profile is not considered. BE CAREFUL WHEN CLOSING ACCOUNTS!
  3. Length of credit history (15% of score) The longer accounts have been open the better for the score. Opening new accounts and closing seasoned accounts can bring down a score a great deal.
  4. Types of credit used (10% of score) Finance company accounts score lower than bank or department store accounts.
  5. Inquiries (10% of score) Multiple inquiries can be a risk if several cards are applied for or other accounts are close to maxed out. Multiple mortgage or car inquiries within a 14 day period are counted as one inquiry.

How Can I Raise My Score

Your score can only be changed by the way that item is reported directly to the credit bureaus (Experian, TU, Equifax). Written confirmation from the creditor is required. It is best to make these corrections before you try to purchase a home, because you can never be sure the exact impact a change will have on your score.

What Does This Mean to Me?

You should have your credit reviewed BEFORE you look for a home, and work with a PROFESSIONAL loan officer to make sure your loan is based on the most accurate information.

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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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