{"id":1087,"date":"2020-11-20T06:00:17","date_gmt":"2020-11-20T11:00:17","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1087"},"modified":"2024-04-25T23:20:27","modified_gmt":"2024-04-26T03:20:27","slug":"applying-for-a-mortgage-get-the-facts-on-credit-scores-and-how-to-improve-yours","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/applying-for-a-mortgage-get-the-facts-on-credit-scores-and-how-to-improve-yours\/","title":{"rendered":"Applying for a Mortgage? Get the Facts on Credit Scores\u2014and How to Improve Yours"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/11\/real-estate-credit-score.jpg\" alt=\"Image of money scattered on a table top. Captioned: Get the Facts on Credit Scores\" class=\"wp-image-1088\" width=\"392\" height=\"232\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/11\/real-estate-credit-score.jpg 783w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/11\/real-estate-credit-score-300x178.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/11\/real-estate-credit-score-768x455.jpg 768w\" sizes=\"auto, (max-width: 392px) 100vw, 392px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">A credit score is part of each home buyer\u2019s whole debt and\nincome picture. Lenders consider it a key factor when deciding to approve a\nloan application. To put the score in context, a lender\u2019s top questions are: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Whether the borrower<em> can<\/em> repay the loan,\nand <\/li><li>Whether past credit history suggests that the\nborrower <em>will<\/em> repay the loan.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The FICO\u00ae&nbsp;Score, which is the best known of several credit\nscoring tools, comes from the Fair Isaac Corp. As we\u2019ll see, <a href=\"https:\/\/www.deeds.com\/articles\/category\/mortgage\/\">mortgage<\/a>\nlenders can take other scores into account, too, and even tweak the factors in\nthe scores to come up with unique tests for loan approvals. The good news?\nWhile mortgage lenders use their secret sauces to determine creditworthiness,\nwe, the applicants, give them the ingredients. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here, we take a look at how credit scoring actually works,\nand how to optimize your score. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">How to Get the Credit Score You Need for a Mortgage Loan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although several current Fair Isaac scoring methods go up to 900 points, the usual scale goes from 300 to 850, and applicants need <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/what-does-my-credit-score-need-to-be-to-get-approved-for-a-mortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">scores of at least 620<\/a> for a conventional mortgage approval. (This is considered a \u201cfair\u201d score by the leading credit reporting companies.) People who score about 750 and up are most likely to get the widest selection, the best loan terms, and the lowest available interest rates. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, how does a borrower get there? What makes the FICO\u00ae&nbsp;Score\ntick? We do! Sometimes we use credit more, sometimes less. Naturally, everybody\u2019s\ncredit profile has its ups and downs from quarter to quarter, and that\u2019s no\ncause for alarm. But paying off loans and credit card bills on time (or almost\nalways on time) and keeping balances relatively low (relative to the limit on a\nline of credit) are solid factors in achieving a better score. Both the credit\nscoring companies and potential lenders put more weight on your recent credit\nactivity \u2014 the last two years count the most.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What else counts?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>How long your accounts have been open. Longevity\nis good.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Whether you hold diverse types of credit, such\nas a mortgage as well as credit card accounts and installment payments.\nDiversity is good.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, what can hold a score down?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Overdue credit accounts and accounts in collections.\nIf you are reported as 30+ days late with your payment, your score will\nprobably dip.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Recent credit card applications. An inquiry on\nyour credit can weigh on your score for several months, so open new credit\naccounts wisely.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll need to contend with a few wild cards, too. Different\nindustries size up your credit using different scores. Credit card companies often\nrely on FICO\u00ae&nbsp;Score 8, whereas the earlier versions \u2014 FICO 2, 4, and 5 \u2014 prevail\nin the mortgage industry. So, the FICO score on your bank account website might\nbe better than the score your mortgage specialist says you have. To complicate\nthe matter further, lenders can customize their models to prioritize specific\nfactors in your credit profile. Lenders can also decide what additional\nfinancial data goes into their approval decisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Pro tip:<\/em><\/strong> Because you might think your score is\nhigher than what your mortgage lender actually uses, it\u2019s good to be a little\nhigher than you need to be.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why So Many Different Credit Scores?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Various algorithms come into play for different scoring occasions:\ngetting an auto loan, opening a new credit card account, applying for a\nmortgage. Industry professionals receive fine-tuned credit assessments to predict\nthe customer\u2019s likely future activity in the kind of account they\u2019re currently\napplying for. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The various scoring models are all updated from time to time, with new versions and new capabilities. FICO\u00ae\u00a0Score 8 goes easier on isolated late payments than earlier versions. The newer FICO 9 model is of interest to people with limited loan histories, because it factors in rental payments if the landlord reports them. Here\u2019s why new scoring methods keep coming out, in <a href=\"https:\/\/www.myfico.com\/credit-education\/credit-scores\/fico-score-versions\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Fair Isaac\u2019s own words<\/a>:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Think of how people use\ndifferent versions of computer operating systems or have older or newer\ngenerations of smart phones. They all share the same base functionality, but\nthe latest versions also have unique updated features to meet evolving user\nneeds.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Plus, Fair Isaac is now competing with other scoring\nproducts. An important one is the VantageScore, created jointly in 2006 by the\nthree major U.S. reporting agencies: Experian, Equifax, and TransUnion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/vantagescore.com\/lenders\/why-vantagescore\/industries\/mortgage\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Mortgage lenders may use the VantageScore<\/a> by itself, or in combination with FICO. VantageScore identifies itself as a corporate leader in applying rent, phone, and utility data to be more inclusive of applicants, and to offer lenders \u201ca more complete and fairer picture of their customers\u2019 creditworthiness.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No matter which score, which version, or what kind of blend\nof credit scores may be applied to your application, a few simple actions can\nand will boost your profile. Read on to see if you\u2019re on track. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u261b\n<\/strong><strong>Getting Ready to Make Your First Home\nPurchase? Don\u2019t Miss our <a href=\"https:\/\/www.deeds.com\/articles\/first-time-home-buyer-pro-tips\/\">Tips for\nFirst-Time Home Buyers<\/a>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Boost Your Credit Profile During the Mortgage Approval Process<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you have already set sail in your home buying voyage, and\nyour score needs attention \u2014 or if you simply need to avoid slip-ups during the\nadventure \u2014 you can take effective action. Small score boosts can mean big\nsavings over the course of a mortgage, as shown by the <a href=\"https:\/\/www.myfico.com\/credit-education\/calculators\/loan-savings-calculator\/\" target=\"_blank\" rel=\"noreferrer noopener\">FICO Loan Savings Calculator<\/a>, and even as you navigate\nyour mortgage approval process, nudging your score up can help your loan come\nout with a lower interest rate. Here are just a few examples of actions you can\ntake:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Ask your mortgage expert whether you should\napply for a new line of credit during this process to diversify your profile.\nIt might be worth the effect of a hard inquiry on your report. Your mortgage\nspecialist can tell you which kind of credit application to submit. For\nexample, an internationally accepted credit card would have a stronger positive\nimpact than a local store card.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Don\u2019t close any credit card accounts at this time. It can negatively affect your <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/credit-education\/score-basics\/credit-utilization-rate\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">credit utilization rate<\/a>.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>On-time payments through this time are absolutely\ncritical. Visiting your credit cards\u2019 websites and setting cards to automatic\npayment mode is another simple move you can make to support a good score. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Also, download your <a href=\"https:\/\/www.annualcreditreport.com\/index.action\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">annual credit report<\/a>. Be sure your details are reported right. Find out if any errors are being held against you, and catch possible signs of identity theft.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>If you find late notices on your credit report, submit a <a href=\"http:\/\/ficoforums.myfico.com\/t5\/General-Credit-Topics\/GW-Example-Letters\/td-p\/4521\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">request for a goodwill adjustment<\/a> to the company. If you\u2019re a good customer and the late notices don\u2019t reflect your recent performance, the company might agree to delete the notices, improving your profile. <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Throughout this time, keep assessing your credit use. You\nneed to present yourself to a potential lender as more of a saver than a\nspender. Ideally, this means keeping your spending <em>well under<\/em> 30% of your\ncredit lines \u2014 lower is better.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Building Credit Is Just a Part of a Healthy Financial Profile.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The world of credit is changing, especially as lenders have\nreacted to a public health emergency. They\u2019ve had to readjust their view of\nrisk and their expectations of borrowers. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Having a reliable income is an increasingly critical part of\nthe picture. An excellent&nbsp;credit score will certainly bring you better\nloan terms, but if you can show steady and dependable income, or if you are\nable to put at least 20% down, you should be able to achieve your home purchase\ngoal, even with a fair credit score. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you\u2019re in the new home, there\u2019s more good news. You\u2019ll build your credit higher as you faithfully repay that mortgage.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credit: <a href=\"https:\/\/unsplash.com\/photos\/dRCjgmc4B8I\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Katie Harp<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A credit score is part of each home buyer\u2019s whole debt and income picture. Lenders consider it a key factor when deciding to approve a loan application. To put the score in context, a lender\u2019s top questions are: Whether the borrower can repay the loan, and Whether past credit history suggests that the borrower will [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[71,57],"tags":[],"class_list":["post-1087","post","type-post","status-publish","format-standard","hentry","category-general","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Applying for a Mortgage? 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