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Home Mortgage - FICO - How Important Is It
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By J Krohn

Some things in life are important. Some things in life are EXTREMELY important. Your FICO score is perhaps THE MOST important number in your life. It will eventually affect literally every aspect of your life. From applying for a job, to renting an apartment, to applying for a car loan to applying for a home mortgage-your FICO score-rightly or wrongly says a lot about you without saying a word–only a number!!!

Of course FICO isn’t everything. On the other hand as they say “it is way ahead of whatever is in second place”. Employers are using it to determine stability. Landlords are using it to determine ability to pay timely and other factors associated with being a good tenant. Too, lenders use it to determine if you get a loan and at what rate. Insurance companies use it to determine what kind of risk you are.

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FICO scores are a composite of data using scoring models and mathematical tables that assign points for different pieces of information which can be predictors of future credit performance. Developing these models involves studying how millions of people have used credit. Credit scores analyze a borrower’s credit history considering numerous factors such as:

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This entry was posted on Monday, December 18th, 2006 at 7:08 pm 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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