What is a Credit Report and FICO Score?
One of the keys to getting a mortgage is your credit report and FICO score. A credit report is a compilation of your credit history. Typical things that are compiled on a credit report are: • Job history (for employers mainly) • Current and previous addresses (landlords look at this when deciding whether to rent to you) • Outstanding loans (installment loans like car loans) • Amount owed on each loan • Credit card information. This is revolving credit. This will include credit limit on each credit card and amount owed on each card. • Number of times you have applied for credit. • Available credit. • Mortgage information. All this information is compiled. Then, based on this information, you are given a score which creditors look at to decide whether or not to give you a loan. The score is a numeric expression of your creditworthiness. Credit scores are determined by weighing the different elements of a credit report. There are different types of credit scores and each is determined dif
