About Your Credit Score

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Before lenders make the decision to give you a loan, they need to know that you are willing and able to pay back that mortgage. To figure out your ability to repay, they look at your debt-to-income ratio. To assess your willingness to pay back the loan, they consult your credit score.

The most commonly used credit scores are FICO scores, which were developed by Fair Isaac & Company, Inc. Your FICO score ranges from 350 (high risk) to 850 (low risk). For details on FICO, read more here.

Credit scores only consider the info in your credit profile. They don't consider income or personal characteristics. These scores were invented specifically for this reason. Credit scoring was developed to assess a borrower's willingness to pay while specifically excluding any other personal factors.

Your current debt load, past late payments, length of your credit history, and other factors are considered. Your score is based on both the good and the bad of your credit history. Late payments lower your credit score, but consistently making future payments on time will raise your score.

Your report should contain at least one account which has been open for six months or more, and at least one account that has been updated in the past six months for you to get a credit score. This payment history ensures that there is enough information in your report to assign a score. Should you not meet the minimum criteria for getting a credit score, you might need to establish your credit history prior to applying for a mortgage loan.

Fairfax Mortgage Investments can answer questions about credit reports and many others. Call us: 703-385-6122 #236.