FICO is one of the three scoring models used by Credit Bureaus to figure out how you statistically measure up to other folks with a similar profile. Our Credit Scores (one is called a FICO Score) are different depending on what type of credit we are applying for. A Mortgage Credit Score, then is different from the score you Insurance Agent gets when you are applying for health insurance or Car insurance.
The FICO score is the one developed by Fair Issac, and there’s actually no way for us to know exactly what goes into a FICO score. We do know, however that there are some Top Score Killers – like paying your bills late, that will diminish your credit score.
In general, to get approved for a mortgage loan, you will need credit scores (two of the three) that are over 640. We do have some mortgage programs that will allow us to approve mortgage loans for folks with scores as low as 580. In fact there’s a FHA back to Work program that allows those who lost a job to qualify for a mortgage with scores between 580 and 619. For most other mortgage loans in Cary we need a credit score of at least 640.
If you have questions about pre-qualifying for a mortgage loan in North Carolina, or Minimum Credit Scores – please call us! Steve and Eleanor Thorne 919 649 5058. We know how to get borrowers in NC approved, we know what credit scores and reports the Underwriters will take. We’ll call you back, and if you need to add another credit card, or pay something off – we’ll work with you. Here’s some GOOD CREDIT Advice (and it’s FREE!)!
I try and answer all questions :)