Raise your FICO score  to buy a house in Tallahassee with Quest Real Estate Services of Florida, LLC as your real estate company - 850-559-2178

 

Your FICO Score

A FICO score is formulated from years of your credit history using a model developed by Fair Isaac and Company. You will have a score with each of three major credit reporting agencies using slightly different models to calculate your score. Experian uses FICO, Equifax's uses BEACON and TransUnion uses EMPIRICA.  Scores range from 300 to 850.

A consultation with a good lender about methods to improve and maintain your credit scores can help you get on track and keep you there. These scores show the type of loan and interest rate you may qualify for when applying for your mortgage.

Factors in reviewing your FICO score include:

·Types of Credit — do you have a healthy mix of credit cards and loans?

·Payment History — have you kept all payments on time and current?

·Credit to Debt Ratio — what you owe versus how much credit you have available.

·Credit Inquiries — how often has your credit history been accessed by someone other than you?

Quest Real Estate Services of Florida, LLC, knows proven Tallahassee area lenders that can be sure to help your loan process to go more smoothly so you, too, can become a homeowner.  E-mail us at june.relator@gmail.com or call 850-559-2178.

You can find out more about FICO scores at www.myFICO.com, Fair Isaac's informational site and once per year, for free, you can review all three of your credit reports at www.annualcreditreport.com. And, for a small payment, you can get your FICO score from each bureau on their websites: www.equifax.com, www.experian.com and www.transunion.com.

 

    Raise your FICO score  to buy a place in Tallahassee with Quest Real Estate Services of Florida, LLC as your REALTOR - 850-559-2178
  • Apply for service station cards or department store credit. For those who have non-existent credit or below average credit, retail credit cards and gas credit cards are ways to establish your credit history, increase your credit limits, and have a solid payment history, which will raise your credit. You must always beware of holding a large balance for more than a couple of months because these types of cards traditionally have a surprisingly high interest rate.

  • Keep your cards in rotation. Whether you're just getting started with credit, or if you've got older cards, be sure to use your cards to make sure your accounts stay active. But, be sure to pay them off in one or two payments.

  • Pay on time. Your FICO score plummets with each account that goes to collections. It's where people who have recently been unemployed see the biggest hit in their credit score. Yes, it takes longer to rebuild your credit with payment history, but it's the surest way to show that you're able to make payments to a lender.

  • Ensure that your credit history is correct. If you discover mistakes on your credit report, write to the bureau requesting that the item be removed. If you have a common name or the same name as a family member, you'll want to pay extra attention to make sure the activity reported is correct.

  • Even out your debt. At first, this doesn't sound like a good idea. But, you steer clear of having one card that is maxed out and have your remaining cards at a zero balance. It's better to have each of your cards at a lower balance than to have the majority of your debt taking up the balance a single card.

                

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question