In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.
All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair Isaac and Company (hence the name) and used by Experian. Equifax's model is called BEACON, while TransUnion uses EMPIRICA. While each of the models considers a range of data available in your credit report, the primary factors are:
- Credit History - How long have you had credit?
- Payment History - Do you pay your bills on time?
- Credit Card Balances - How much do you owe on how many accounts?
- Credit Inquiries - How many times have you had your credit checked?
There are other factors in addition to you credit score that will affect your ability to buy real estate. I can help you understand what those are. Please contact us with any questions at ProRealtor@verizon.net
We look forward to helping you in re-establishing your credit or giving a boost to aid in reducing your interest rate.
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Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Buying A Bargain Property? - Know Your Credit Score Copyright © 2009 By Vincent Martinez, All Rights Reserved.
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