Your FICO Score

Real Estate Broker/Owner with Leagan Realty

Your FICO Score

All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. While most lenders will use a tri-merged credit score, it is possible to know what range you will fall in by investigating your FICO score online. For a small fee (about $15), you can get your FICO score and credit report from all three credit agencies. Just visit:


Once you receive approval for your financing, it is imperative that you maintain your credit score throughout escrow. Your actions after receiving lender approval for a loan can disqualify you for the loan. You are conditionally approved initially, and the lender reserves the right to re-verify credit, income, assets, and employment at any time. Mortgage lenders usually run a second credit report just prior to closing escrow. Any red flags that appear can disqualify you for the mortgage. A red flag is any inquiry made regarding your credit worthiness. The purchase of a big item such as a car, boat, or furniture may put a red flag on your credit report.


Also avoid changing the balances of your checking accounts, savings accounts, CDs, money market accounts, stocks, or any other liquid assets.
These balances are considered when providing you with a loan, and any major changes such as a large withdrawal or deposit, closing accounts, or changing banks, may send up a red flag.


Finally, avoid changing jobs during escrow if at all possible. If you are a salaried employee, changing to an equal or higher paying job will not trigger a red flag. However, if your income includes salary and bonuses/commissions/overtime, you should not change jobs prior to closing.



Leagan Realty is a Scottsdale Based Real Estate Brokerage Company servicing the entire Valley of the Sun. For all your real estate needs, contact us at:

Office: 480-656-7714

Cell: 480-766-2115

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your fico score
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John F Muscarella
Broker/Owner, Venice, FL, Florida's Suncoast

Nice post and valuable advice.  Now if lenders will continue to be fair in their lending practices we may just come out of the housing slump a bit faster.  Hope all this is sustainable after the election in Nov.

Sep 17, 2012 04:49 AM #1
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