Home > Uncategorized > And so it begins… the exploration of the insides of credit scores

And so it begins… the exploration of the insides of credit scores


This will begin a long journey down a path regarding credit scores.  Via blogging AND future webinars,  I hope to provide some insight as to the why’s, how’s, what if’s, etc. behind scoring.  Because it is so critically to lending these days, I will keep my personal feelings of it’s bogus”ness” out of it.

Posted today, 1/11/11, is an article from Yahoo Finance regarding the ability to get your credit score disclosure if you are not offered prime rates.   We already are required to disclose credit scores through lending however now we are required to advise what impact those scores had in determining your mortgage interest rates. 

For example:

Less than 720 score? Could impact your interest rate.

Less than 680 score? Impacts your interest rate.

Less than 660 score? Impacts your interest rate even more.

Less than a 640 score? Impacts your interest rate even more.

Less than a 620 score? No longer eligible for conventional financing. 

Now, what is your score and how do you improve it?

IF you have not applied for credit and been provided your scores through your application you can get a copy of your own credit report.  You are eligible for one FREE report per year.  Go to: http://www.annualcreditreport.com or call 1.877.322.8228 however, be advised that the FREE report will NOT include your score.   There is a small fee to obtain the report with your credit score included.  It’s worth the fee at least initially so you know where you start.

Now that you have your credit report, how do you read the darn thing? What is reported on it? How do you dispute what is reported? What do you need to do BEFORE you begin to tackle anything that is not correct?  What steps can you take to improve your score? What should you be careful of?

Stay tuned. We will cover all of these questions and more!

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