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CREDIT SCORE PRIMER - WHAT BURBANK REAL ESTATE BUYERS NEED TO KNOW
In the wake of the credit crisis, lenders have become much pickier about whom they lend to.
Here are some basic facts that will help potential burbank real estate borrowers understand what they face.
The measurement that most lenders use to assess applicants' credit risk is the FICO score developed by Fair Isaac Corp. The score ranges from 300 to 850.
There's not one FICO score. Buyers have three: one for each of the three credit bureaus, Experian, TransUnion, and Equifax.
Each credit score is based on information the credit bureau keeps on file. Since credit bureaus don't share their data with one another, the three FICO scores may differ, sometimes by as much as 100 points.
The components of a FICO score are:
Payment history: 35 percent
Amounts owed: 30 percent
Length of credit history: 15 percent
New credit: 10 percent
Types of credit used: 10 percent
A consumer with a 580 credit score might qualify under FHA requirements. However, in order to qualify for a prime loan, generally a borrower must have a credit score above 620 for a conventional loan and above 720 for a loan at terms and rates most borrowers would consider desirable.
We provide FREE counseling to Burbank Real Estate Buyers or any surrounding area in San Fernando Valley on how to improve your fico score. Please feel free to Contact Burbank Realtor and send your scenario. We will respond all questions within 24 hours. It does not hurt to ask! It pays to improve your fico score.
For more information about Burbank Real Estate, please check out
The City of Burbank CA, official website
Burbank CAChamber of Commerce
Burbank Schools, official website
Burbank CAin Wikipedia
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