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How is Your FICO Score Calculated?

Posted by GO Mortgage Team on 1/25/19 9:34 AM

Credit bureaus use a statistical formula to review your credit information and compare it to credit performance of consumers with similar profiles. A credit scoring system awards points to specific factors. The total of your points determines your credit score and gives your lender a prediction of how you may repay your loan. 

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Topics: FICO score, credit monitoring, credit report, credit score

Credit Bureaus and Credit Scores - How They Work Together

Posted by GO Mortgage Team on 1/18/19 8:55 AM

Your credit score is a major factor that will be considered by a lender when they review your loan application.  The lenders want to know what your credit history is and whether you have the ability to pay back the loan you are requesting.

 

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Topics: FICO score, credit monitoring, credit report, credit score, Vantage score

Mistake on Your Credit Report - Now What?

Posted by GO Mortgage Team on 1/4/19 1:20 PM

Since your credit score plays a large role in your ability to qualify for a mortgage loan, it’s important to review your credit report once a year. 

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Topics: credit problems, credit report, credit score, credit qualifying

What You Don't Know About Your Credit Score Could Cost You!

Posted by GO Mortgage Team on 12/21/18 4:01 PM

Your credit score is a big factor in determining your ability to qualify for a mortgage loan. Many first-time homebuyers believe that they need a 'perfect' credit score in order to secure financing. This is a misconception, there are home loans available that only require a minimum of a 580-credit score. 

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Topics: first time homebuyer, homebuyers, credit score, minimum credit score, credit qualifying

How to Protect Your Credit When Applying for a Home Loan

Posted by GO Mortgage Team on 10/19/18 9:13 AM

As you start the journey for buying your home, it’s important to avoid actions that could change your credit. Your credit score is one of the most important things in securing financing and determining your interest rate.  The following list of items could impact your credit if they change unexpectedly during the mortgage process.

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Topics: mortgage process, credit score, credit qualifying

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