Many people do not understand how FICO Scores can effect their ability to get a Mortgage loan and the interest rate they will receive. Their are three credit bureaus and they each caculate a FICO Score. Most lenders use the middle score to base their loan approval on.  FICO Scores take into consideration length of time accounts have been established, proportion of balances to high credit, number of new accounts opened in the last 12 months, number of accoounts with balances, late payments, collections, bankrupty, foreclosure, and numbe of inquiries, in order to rate a consumber. A FICO Score can range from 0 to 900. Over 740 is considered Gold. A recent late payment can lower your score 80 points. If you are thinking about purchasing a home make sure you pay all your debts on time. Most lenders pull a credit report before closing to make sure there is no new debt and if you have a recent late paymen that didn't show up the last time is was pulled it could cause you to get a higher interest rate or be disqualified for the loan.

Please feel free to contact Lynne Dewar at (800) 552-1188 for any futher questions.