Credit Scores : Your Oceanside Mortgage Loan Professional : 516 536-2525

Credit Scores

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Before deciding on what terms they will offer you a loan (which they base on their risk), lenders want to discover two things about you: your ability to repay the loan, and if you will pay it back. To assess whether you can repay, they assess your income and debt ratio. To assess your willingness to repay, they use your credit score.

The most widely used credit scores are called FICO scores, which were developed by Fair Isaac & Company, Inc. The FICO score ranges from 350 (high risk) to 850 (low risk). For details on FICO, read more here.

Your credit score is a result of your history of repayment. They don't consider income, savings, down payment amount, or demographic factors like gender, race, national origin or marital status. Fair Isaac invented FICO specifically to exclude demographic factors like these. Credit scoring was developed to assess willingness to pay while specifically excluding other irrelevant factors.

Your current debt level, past late payments, length of your credit history, and a few other factors are considered. Your score is based on the good and the bad in your credit report. Late payments count against you, but a consistent record of paying on time will raise it.

To get a credit score, borrowers must have an active credit account with a payment history of at least six months. This history ensures that there is enough information in your credit to generate a score. Some people don't have a long enough credit history to get a credit score. They may need to build up a credit history before they apply.

G & M Wolkenberg Inc. can answer questions about credit reports and many others. Call us: 516 536-2525.

G. & M. Wolkenberg, Inc.
Licensed Mortgage Banker - NYS Department of Financial Services

NMLS # 34763

2838 Long Beach Rd Oceanside, NY 11572-2229
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