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A Low FICO Score Is a Challenge Not a Defeat

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Credit is essential to acquiring a home, car, etc. especially if you do not have cash to purchase the item you desire or need.  It is equally as important to understand how credit can influence your ability to purchase.    Let’s examine.

The bank institutions Advantage Mortgage Lending use FICO score to determine the risk factor that will be assigned to your loan.  FICO is an acronym that stands for Fair Isaac Corporation.  Your FICO is determined by a mathematical model to determine the credit risk associated with your payment history, your level of debt, type of credit used, length of credit history, and any new credit that you may have.

According to Advantage Mortgage Lending your FICO credit scores are determine by the following levels:

Understanding your credit is crucial in regaining your credit worthiness if your credit is below average.  There are several factors that influence your credit in a negative way that you can control.

One factor that influences your credit in a negative way is too many inquiries on your credit.  Avoid opening several credit cards all at once.  In other words, a lot of inquiries influence your credit in a negative way.

Another factor that influences your credit in a negative way is maxing out your credit cards.  It is recommended to have all card balances under 35% of the total credit limit available.  For example, if you have a credit limit of $2,000 per card, the balance carried on each card must be less than $700.00. 

Still yet another factor that influences your credit in a negative way is having collections on your credit. 

All of the above does not exclude you from getting a home or refinancing a home, but it does put your loan at a higher risk; and therefore, you will pay a higher application fee and interest rate.   It is recommended that before you accept a higher interest rate to do some investigation to ensure that the loan will help you reach your goal of obtaining “financial freedom” and is affordable for you.

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About admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.
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19 Responses to A Low FICO Score Is a Challenge Not a Defeat

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  18. Cari Roundy says:

    There are no specific loans for first time buyers. There are no federal mortgage loans as such. There are loans backed by the FHA. See the Fannie Mae or Freddie Mac websites for guides to home buying.

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