What is the FICO score regarding to credit and how do u get it?
kilgore87 asked:
Is it true that’s ur FICO score is what they look at regarding getting a house? How is the score add up of what is it added up from. I’m looking into buying a house and and I was informed me that I needed a credit score of 620. I have a 590, 573 and 601.
FICO scores from 300 to 850 with anything that calculates to below 300 defaulting to a 0.
Scores are based on the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their limits and 2 cars, boats, homes, motorcycles, computer, furniture or personal accounts (installment) all with good long pay history’s.
Spif, as usual, gave a great example of how it’s broken down.
If you haven’t gone to myfico to get your scores then you should.
You won’t be able to get your Experian score but you can get your other two.
When you go to apply for the house you can ask the lender if they will verbally give you your EX score, they cannot give you the paper the score is printed on though.
FICO score is the score that most lenders use. You can see it at myfico.com for Transunion and Equifax with a one time fee, Experian is being a b!+ch and not letting consumers buy their FICO credit score. Any score from any other website is a FAKO score which just estimates your score but doesn’t use the same formula to calculate your score like FICO does