Credit Scores

Before lenders decide to give you a loan, they have to know that you are willing and able to repay that loan. To assess your ability to pay back the loan, they look at your debt-to-income ratio. To assess how willing you are to repay, they use your credit score.

The most widely used credit scores are FICO scores, which Fair Isaac & Company, a financial analytics agency, developed. The FICO score ranges from 350 (very high risk) to 850 (low risk). You can learn more on FICO here.

Your credit score is a result of your repayment history. They don't consider income or personal characteristics. These scores were invented specifically for this reason. Credit scoring was envisioned as a way to consider solely that which was relevant to a borrower's likelihood to repay a loan.

Deliquencies, payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scoring. Your score reflects both the good and the bad in your credit report. Late payments lower your credit score, but establishing or reestablishing a good track record of making payments on time will improve your score.

To get a credit score, you must have an active credit account with a payment history of six months. This history ensures that there is enough information in your report to calculate a score. If you don't meet the criteria for getting a score, you may need to work on a credit history before you apply for a mortgage loan.

Omni Mortgage Corp. can answer questions about credit reports and many others. Call us at 718-441-7000.

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