Your FICO Score and Getting a Home Loan with Poor Credit

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Your FICO Score and Getting a Home Loan with Poor Credit
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By Carrie Reeder

Your FICO score is a credit score used by lenders to determine how risky it is to loan you money. The lower your FICO score is, the harder it will be for you to get approved. This article offers information on how your FICO score affects you, as well as information on getting a home loan with poor credit.

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Your FICO score is determined by your borrowing record. Things that affect your FICO score include the amount of time a credit account has been established, the amount of credit used vs. the amount of credit available, late payments, and negative credit information, such as bankruptcies, collection action, and bad debt write-offs. With just a few blemishes in your credit history, your FICO score can be seriously tarnished.

Raising Your FICO Score

There is no way to increase your FICO score overnight. Credit repair takes time and serious effort. However, if you need to raise your FICO score as fast as possible, the following tips will help:

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This entry was posted on Friday, September 22nd, 2006 at 2:32 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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