Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

Quick Search


view all


Any

Any

No Min.

No Max.

DON'T MISS A NEW LISTING AGAIN!
Register Now
Already registered? Login

FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*

Back to Table of Contents

WHAT’S A FICO®?

What is a FICO® Score?

FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.

What Kind of Score Do I Need for a Home Loan?

There are as many answers to this question as there are loan programs available. Most lenders will take the average of all 3 scores to evaluate an application. Niche loans, such as Easy Qualifier and low down payment loans will have higher FICO® requirements.

How is My Score Determined?

The FICO® model has 5 main elements:

  1. Past payment history (about 35% of score) The fewer the late payments the better. Recent late payments will have a much greater impact than a very old Bankruptcy with perfect credit since.
    Myth - paying off cards with recent late payments will fix things. Payoffs do not affect payment history.
  2. Credit use (about 30% of score) Low balances across several cards is better than the same balance concentrated on a few cards used closer to maximums. Too many cards can bring down the score, but closing accounts can often do more harm than good if the entire profile is not considered. BE CAREFUL WHEN CLOSING ACCOUNTS!
  3. Length of credit history (15% of score) The longer accounts have been open the better for the score. Opening new accounts and closing seasoned accounts can bring down a score a great deal.
  4. Types of credit used (10% of score) Finance company accounts score lower than bank or department store accounts.
  5. Inquiries (10% of score) Multiple inquiries can be a risk if several cards are applied for or other accounts are close to maxed out. Multiple mortgage or car inquiries within a 14 day period are counted as one inquiry.

How Can I Raise My Score

Your score can only be changed by the way that item is reported directly to the credit bureaus (Experian, TU, Equifax). Written confirmation from the creditor is required. It is best to make these corrections before you try to purchase a home, because you can never be sure the exact impact a change will have on your score.

What Does This Mean to Me?

You should have your credit reviewed BEFORE you look for a home, and work with a PROFESSIONAL loan officer to make sure your loan is based on the most accurate information.

Back to Table of Contents

Broker, Molly Stevens
Signature Real Estate Services
Fillmore, Utah Office
35 South Main
435-743-8316

Email: info@signaturerealestate.com

Branch Broker, Lucas Stevens
Signature Real Estate Services

Delta, Utah Office
303 East Main
435-864-4700

Featured Communities

Delta
Fillmore

Testimonials

We just want to say "Thank You" to Molly and all the staff at Signature Real Estate Services in Delta for being so helpful.  The sale process was not that easy because I live in Nevada and the other two live in Maryland.  We were very impressed with how smoothly the sale of our land went. Everyone involved was so helpful and very professional!!  You were able to put the land on the market and sell it without ever seeing us in person!  Very impressive. 


Signature Real Estate Services kept us updated with monthly emails letting us know how many times people viewed the property and when anyone was interested.

We are so pleased that the people who purchased the property plan to build a home on it in the next couple of years.  The land had been in our family for over seventy years and now someone will make it their home.

We cannot express how much we appreciate all that you did for us.
Darlene Stewart
View All

Connect With Us

Newsletter

Subscribe to our newsletter...

* fields are required
Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu