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Understanding how your Credit Score is Calculated

Posted by GO Mortgage Team on 8/28/20 8:49 AM

Credit Scores are created by a mathematical formula that reviews a person’s outstanding credit, credit history, and past payments. Credit scores can range between 300 to 850 and are used to help lenders determine how likely you are to make your proposed payments on time. The higher the score, the less likely people are to default on their loan.

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Topics: FICO score, first time homebuyers, homebuyers, credit, credit report, credit score

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

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