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How credit scores affect mortgage ratesAre you creditworthy? And to make that judgment, mortgage lenders will review your all-important records, namely your credit reports and credit score.Each of the three major credit bureaus, Equifax, Experian and TransUnion, collects data from your lenders about your history of borrowing and paying back credit. They compile that information into your credit report, which any lender can access whenever you apply for a loan. The Fair Isaac Corp. is the major producer of credit scores. They take the information from those credit reports, apply their own trade-secret formula and, based on the three credit reports, distill three credit scores for you into one score ranging from 300 to 850. A new credit scoring system has been developed by the three major credit bureaus -- the VantageScore. Their VantageScore reports are available for $5.95 each, a fraction of the cost of the FICO score. However, the scores are not a direct substitute for each other and mortgage lenders continue to look at FICO scores when reviewing mortgage applications, so they are the scores a mortgage borrower should buy. click here for complete article Property owners needing to sell their home, condo or building lot visit 888SOLDin9 to talk with our Jacksonville FL 888soldin9 partner about their personal financial situation. Our Jacksonville FL partner, Jim Tallent buys, sells, renovates and rents homes and properties in Jacksonville FL, Duval County FL and Northeast Florida. |