Credit Scoring

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Before lenders make the decision to lend you money, they must know if you are willing and able to pay back that mortgage loan. To assess your ability to pay back the loan, lenders assess your debt-to-income ratio. To calculate your willingness to pay back the loan, they consult your credit score.

Fair Isaac and Company formulated the original FICO score to help lenders assess creditworthiness. You can learn more about FICO here.

Credit scores only take into account the info in your credit reports. They don't consider income or personal characteristics. Fair Isaac invented FICO specifically to exclude demographic factors like these. "Profiling" was as bad a word when FICO scores were first invented as it is now. Credit scoring was developed as a way to consider solely what was relevant to a borrower's willingness to pay back a loan.

Deliquencies, payment behavior, current debt level, length of credit history, types of credit and the number of inquiries are all calculated into credit scoring. Your score results from positive and negative items in your credit report. Late payments will lower your credit score, but consistently making future payments on time will raise your score.

To get a credit score, you must have an active credit account with six months of payment history. This history ensures that there is enough information in your report to calculate an accurate score. Should you not meet the criteria for getting a credit score, you may need to work on your credit history prior to applying for a mortgage loan.

Bliss Mortgage LLC can answer questions about credit reports and many others. Call us: 813-966-1888.

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