Lodi / Stockton CA Homes For Sale & Real Estate Information » FICO http://randyelliotthomes.com Your Home for Local and National Real Estate Info Sun, 29 Apr 2012 23:56:21 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Understanding Your Credit Score http://randyelliotthomes.com/2012/04/07/understanding-your-credit-score/ http://randyelliotthomes.com/2012/04/07/understanding-your-credit-score/#comments Sat, 07 Apr 2012 22:46:56 +0000 Randy Elliott http://relliott.blogs.rwnetwork.com/?p=794 The components that make up your FICO score are:

Your credit history – 35%. Whether you make payments on time, any defaults or bankruptcies and past due amounts affect this part of your score.

Your credit use – 30%. The number of accounts you have open and how much you owe on each.

How long you’ve had your credit accounts – 15%. Having a long history of using and paying on your accounts is a positive factor on your credit.

Types of credit used – 10%. Having different types of credit, such as installment loans (car loans), revolving credit (credit cards) and mortgage loans and managing them properly can positively impact your FICO score.

New accounts – 10%. Opening and using new accounts impacts your score, although applying for lots of different credit at the same time will hurt your rating. Note that inquiries into your credit form a number of businesses of the same type in a short period – such as a mortgage lender – will not impact your credit score.

At Realty World Premier Associates, we take GREAT PRIDE in assisting our clients in every way we can.  If you’d like to know what your credit score is or whether or not you can qualify for a mortgage loan to purchase a home, then contact me directly and I’ll match you to an amazing local lender at NO CHARGE to you.

Happy Easter weekend!

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]]> http://randyelliotthomes.com/2012/04/07/understanding-your-credit-score/feed/ 0 What to Do With a Messy Mortgage? http://randyelliotthomes.com/2009/10/30/what-to-do-with-a-messy-mortgag/ http://randyelliotthomes.com/2009/10/30/what-to-do-with-a-messy-mortgag/#comments Fri, 30 Oct 2009 12:00:50 +0000 Randy Elliott /?p=184 I am often asked about the differences between letting a house go into foreclosure, having a Short Sale, or filing bankruptcy, and what each would mean to a person’s credit score.

Well, there is no good news with either situation.  You’re going to be hit hard on your FICO score no matter which route you take.  The question might be, “where would my credit suffer the least?”

It might be obvious to say that filing for bankruptcy will have the greatest negative impact on a persons credit score. So, the more difficult decision might be whether to ‘walk away’ from your commitment to pay your mortgage or to provide some restitution to your lender(s) and Short Sale your home with the help of a good Realtor® that understands how Short Sales work.

As you will see in THIS ARTICLE, there are many important issues to consider, and certain rules, guidelines and procedures to follow, especially in a Short Sale situation.

I hope THIS ARTICLE helps to answer some of your questions.  I know it did for me.

To read the article CLICK HERE.

Make it a great day!

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