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Chuck Pearson
RMLO NMLS 295955

c: (614) 425-2010
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921 Chatham Lane, Suite 101,
Columbus, OH 43221
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FICO Score

Important to Home Mortgage Loans

Information about how your FICO score is calculated. If you have any questions concerning the home loan process, please contact your Premier Nationwide Lending Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

How does the FICO score work?

When you apply for a mortgage, the prediction of your credit performance is measured by a numerical score. Although there are slight differences among the systems used by major credit reporting agencies, the FICO model is the most popular. The FICO scoring system was developed by Fair Isaac and Company, with the goal of filtering out non-relevant factors, such as race or gender. This single rating score sums up your credit history, projecting the likelihood of meeting future payments and indicating your level of credit risk. Higher scores indicate a better credit risk . These scores not only may qualify you for a mortgage, but possibly better mortgage rates also. As with the other major scoring models (BEACON and EMPIRICA), FICO takes into account the statistics available in your credit report. Each item of data is assigned a weighted value, resulting in a single score that ranges from 300 (low likelihood of repayment) to 850 (high probability of repayment).

A typical rating for a home buyer might fall within the range of 600 to 800. These credit scores particularly evaluate:

  • Payment History - Have your payments been timely?
  • Credit Card Balances - What balances do you still owe?
  • Credit History - What credit have you maintained and for how long?
  • Credit Types - What type of credit have you obtained?
  • Credit Inquiries - How often have you had your credit checked?

As most of these factors cover a timeline of credit history, there is not much you can do to change your score at the time of applying for a mortgage. However, you can begin to monitor your credit rating, know what your score is and ensure that the history is correctly recorded.

For information and tools to help you, Fair Isaac has created a web site (www.myFICO.com ) that lets you access your FICO score from all of the three major reporting agencies (Equifax, Experian and TransUnion), along with your credit report. The FICO site and each of these reporting agencies’ sites (http://www.equifax.com , http://www.experian.com , and http://www.transunion.com ) offer services to help you determine the best way to impact your FICO score. When you have access to pertinent information, you will be in a better position to obtain the optimum mortgage available to you.

Residential Mortgage Loan Originators

My Premier Nationwide Lending team is built upon a reputation for excellence in client service, extensive industry experience and a dedicated commitment to our clients. My expertise in the mortgage industry and forward thinking approach allow me to adapt and rapidly respond to market changes that affect you. In doing so, I am able to offer a high level of service and provide a variety of home loan products to suit the needs of every homebuyer.


Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

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Testimonials

Chuck really went about and beyond the call of duty. You made the process of me getting a home so much more pleasant. I don't home enough words to express my gratitude for all the great job you did in helping me getting the loan. Thank you!

D. King - Homeowner

We cannot express enough gratitude to you and your staff for all the hard work put forth in helping us obtain our dream home. We are extremely happy and cannot wait to move-in. Thank again for everything.

Brad and Rachel C. - Homeowners

We appreciate all the time you have put in, helping us to get out new home.

Chris and Heidi - Homeowners

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