What Factors Are Used To Create Your Credit Score?

By
Mortgage and Lending with American Financial Network NMLS #196099

A healthy credit score is a requirement for getting approved for a mortgage. The minimum score allowed on and FHA or VA loan is 580, although most lenders won't touch a loan with a score under 620. 

A minimum credit score for a loan is 620-680; a good score is 680-790; and an excellent score is 790-850.

Here's a quick video that explains what goes into your credit score: 

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Rainmaker
3,580,130
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information.  Thanks for sharing and have a wonderful weekend!

Nov 13, 2020 07:08 AM #1
Rainmaker
4,552,753
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Markita, great information, as our credit score affects many aspects of our lives.

Nov 13, 2020 07:09 AM #2
Rainmaker
498,333
Dee Toohey
Innovative Realty Solutions Group - Longwood, FL
Broker, ABR, AHWD, CIPS, FMS, ePro

Here is a terrific explaination of how your credit score is reviewed.  Your score affects your large purchases and also your insurance rates.  Listen and learn from Markita's information!

Nov 13, 2020 07:31 AM #3
Rainmaker
3,650,275
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello and Thanks for sharing this, lots of buyers do not know what it takes to have a credit score and how to build it.

 

Nov 13, 2020 07:40 AM #4
Rainmaker
498,333
Dee Toohey
Innovative Realty Solutions Group - Longwood, FL
Broker, ABR, AHWD, CIPS, FMS, ePro

Will Hamm   I know.  Unbelievable.  And many don't listen when they are told not to change their credit picture when they are trying to finance a home or car.  

 

Nov 13, 2020 09:22 AM #5
Rainmaker
147,780
Markita Woods NMLS#196099
American Financial Network - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

The other scenario that causes underwriters angst is borrowers who decide on their own to pay off a big debt, like a car, or a big balance on a credit card. I tell folks not to do that because it will cause their credit score to dip lower, and mess up what the processors have done to make the loan approvable.

Nov 20, 2020 07:11 AM #6
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Rainmaker
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Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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