500 Centre Street Fernandina Beach, FL 32034 | 904.261.5571 | 800.940.8951
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.
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.
The FICO® model has 5 main elements:
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.
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
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Amelia Island REALTORS® CENTURY 21 John T. Ferreira & Son, Inc.
500 Centre Street Amelia Island Fl 32034
Serving Amelia Island, Yulee FL, and Fernandina FL
©2018 Century 21 John T. Ferreira & Son, Inc. All rights reserved. CENTURY 21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Century 21 John T. Ferreira & Son, Inc. fully supports the principles of the Fair Housing Act and the Equal Housing Opportunity Act. Each office is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Century 21 Real Estate LLC nor any of its affiliated companies.
Amelia Island Board of REALTORS ® MLS© 2019. All rights reserved. Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither the site, listing broker(s), nor Amelia Island Board of REALTORS ® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for "scraping" and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Listing information last updated on 2019-01-23.