Welcome to Home Mortgage Hunter
Illinois Home Mortgage Loan Article
For a permanent link to this article about Home Mortgage, or to bookmark this page, click here.
FICO Score 101 - what does your FICO score mean to you
from: Delia GalleyFICO stands for "Fair Issac Corporation," the company that invented the FICO scoring system. Your FICO score is a number generated by one of the three Credit Report Agencies (Equifax, TransUnion or Experian) based on your credit history. This number helps lenders to predict how likely you are to pay your loans on time in the future. A FICO score will range between 300 to 850. The higher your score, the less risk you represent to a lender. Generally, FICO scores below 600 indicate a higher risk to creditors and could cause a lender to charge you a much higher interest rate or turn you down for a loan. According to the Fair Issacs Corporation, approximately 14% of credit worthiness Americans have a FICO score of below 600. This example illustrates how a FICO score can affect "real" life experiences.
Bob has a FICO score of 600 and applies for a home mortgage loan. Mary also applies for a home mortgage loan and has a FICO score of 720. According to the Fair Issacs corporation, Bob would likely get an interest rate of 8.531%, while Mary would get an interest rate of 5.702%. On a $300,000 mortgage loan, Bob's monthly payment (principal and interest) would be $2,313 while Mary's monthly mortgage would be $1,742 - a whooping difference of $571. I don't about you but I could surely use an extra $571 in my bank account at the end of the month.
What goes into my FICO Score?
Payment History - 35% of score.
* Did you pay your bills on time?
* Does your file reflect a bankruptcy, lien, wage garnishment, collections, delinquent accounts?
* How many past due/delinquent accounts do you have?
* How severe is the delinquency (30, 60, 90 days... past due)?
* How long has it been since the accounts were delinquent?
Amount owed - 30% of score.
* How much is owed on your accounts?
* How many of your credit lines are being used?
Length of Credit History - 15% of score.
* How long have your accounts been opened?
* How active are the accounts?
New Credit - 10% of score.
* What new accounts have been opened and what types are they?
* How many recent inquiries have been made against your credit?
* Is there evidence of re-establishment of positive credit?
Type of Credit - 20% of score.
* What is the number of the various accounts (major credit cards, retail cards, mortgage, equity lines of credit, etc)
What does NOT go into your FICO Score?
* Race, color, religion, national origin, sex, marital status
* Age
* Salary, occupation, title, employer, date employed
* Place of residence
* Requests that you have made for your credit report, pre-approvals, employer inquiries
* Whether or not you are participating in credit counseling.
The author is the owner of the information-rich website www.poorcreditgenie.com. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit report, credit cards and bankruptcy.
About the Author
The author is the owner of the information-rich website http://www.poorcreditgenie.com. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit report, credit cards and bankruptcy.
Illinois Home Mortgage Loan Specific links
Illinois Home Mortgage Loan
- Looking for Illinois Home Mortgage Loan?
-- http://www.shopica.org/
Ripe Tv!
- Hottest Video portal on the internet. Every Kind of Video - Supermodels, Martial arts, Cool shows, Pick Miss Ripe and More
-- http://www.ripetv.com/
Is Your Dog Sick?
- Diagnose the Problem with PetVet Condition Finder on Petside.com
-- http://www.petside.com/
Mortgage News
Conyers introduces mortgage legislation - Detroit Free Press
Conyers introduces mortgage legislation Detroit Free Press, United States - Nadler added that “home mortgages are virtually the only debts that cannot be modified in bankruptcy,” noting that loan terms can be changed everything from ... |
(Drumroll) Your Top 10 Scams of 2008 - MSNBC
 Ecommerce Journal | (Drumroll) Your Top 10 Scams of 2008 MSNBC - Mortgage foreclosure rescue scams – Due to foreclosure information being publicly available, many scammers contact desperate homeowners and promise to save ... Top 10 scams of 2008 |
What the recession is doing to Kankakee's economy - Kankakee Daily Journal
What the recession is doing to Kankakee's economy Kankakee Daily Journal, IL - "We have plenty of money to loan for home loans, business and real estate projects," he said. "Mortgage rates are at a low -- the lowest in a decade or 20 ... |
Judicial Watch Names 10 Most Corrupt Politicians - North Country Gazette
Judicial Watch Names 10 Most Corrupt Politicians North Country Gazette, NY - There are also Obama’s corrupt dealings with convicted felon Tony Rezko and unrepentant terrorist William Ayers, his below-market rate mortgage loans, ... |
AUTOMOTIVE Q&A: Front plate, not excuses, needed - Grand Forks Herald
AUTOMOTIVE Q&A: Front plate, not excuses, needed Grand Forks Herald, ND - There's also the problem of getting a loan and deciding between a mortgage or car payment. Q. Now that General Motors has gotten a bailout from the ... |