What is my FICO score and what can I do to improve it in Michigan?
Your FICO score is your credit score that all lenders use to determine your credit worthiness. Regardless of if you are obtaining credit to buy a car, a RV or a home this score is what determines whether you are approved or not and also plays a huge roll in what your interest rate will be. Credit scores or FICO scores range from 300 to 850;you can check your credit for free at https://www.annualcreditreport.com/index.action this is a secure website that the US government required the three credit reporting agencies, Equifax, Experian and Transunion to offer to consumers; it doesn’t provide a “score” for free but you can check what is on your credit report and see if there is any possible fraudulent accounts or miss-information and if you want you can pay a small fee to get your credit score However, if you are in the market to purchase a home the best options is to call your local mortgage company and have them pull your credit to get an actual score. At Icon Mortgage you can call 810-223-2122 to talk to Matt Keway personally and I can run your credit for free and give you a complementary home mortgage consultation, or you can go to my website mattkeway.com and request a call back. All consultations are free with no obligations and this is my personal cell phone not a number to call and get an operator.
Your credit score goes up and down.
Your FICO score will go up and down throughout your life depending on many factors Most of my clients come to me knowing their credit score and when I ask them how they know it they state that they recently bought a new car. This is a HUGE red flag because if you recently purchased a vehicle on a term loan, usually 60 months, then your credit score has gone down considerably. This can typically be rectified if you have me take a good look at your credit report that I will run for free. Your FICO score or credit score is largely effected by your credit card limits and the current balance you hold on that revolving debt. If you have a $1,000 limit on your credit card and you just made a large purchase on it, your credit score will take a large negative hit.
What does your score need to be?
I recently had a client that had a FICO score of 620, which is approvable but my personal benchmark FICO score that I like to have my clients have is 640+. It gets my clients a much better interest rate and an easier experience with the entire home loan process if they are above 640. After reviewing her credit report I discovered that she recently purchased a $1,500 television on her credit card which maxed out her limit, I ran my credit simulator and found that by simply paying down her credit card by only $200 her credit score would increase to 655. I had her give me a new statement showing the new balance and within 5 business days I received an updated credit report reflecting her new FICO score; we are now closing her home loan this month with a much better interest rate and the loan has gone much better then she would have with the sub-par 630 FICO score.
Call for your free home mortgage consultation, a free credit report and a credit report analysis. He has no application fees and no rate lock fees. You pay nothing until your loan closes and you have the keys to your new home. If you have been denied from other lending institutions like your local bank or credit union, I will help you understand why and help you get where you need to be to obtain home ownership! I am also a local Michigan lender based in Flint, Michigan and my company works direct with Fannie Mae, Freddie Mac, Rural Development, FHA and VA (commonly known as veteran’s loans) so weather you are a first time home buyer looking to do a low down payment loan or you are doing a conventional loan we have you covered.