About Credit Scores
About Your Credit
On Q professionals are well trained to identify your individual strengths and match you with home loan lenders that value your best assets. The most important factors are your credit, your income, and loan-to-value. Other factors, such as liquid assets, can also be important in getting your mortgage approved.
- Your Credit Score
- Your Income
Your Credit Score
The FICO® credit score is a number based on a formula developed by Fair Isaac and Company, Inc. The credit score is an important measure that helps Lenders determine how likely you are to repay your debts. To make the most of your credit, pay bills consistently and on time, manage credit wisely, and check personal credit scores periodically.
The credit score formula takes many factors into consideration such as timeliness in paying bills, the amount of credit you have, how long you have had that credit, and the percentage of your total credit that you are using. The factors are given individual weights that when calculated together create the credit score.
Credit scores range from 300 to 850. With higher credit scores, there are more rate and approval options to choose from. In this case, your On Q Team will identify lenders that reward borrowers for having high scores.
While maintaining a good credit score is important, On Q can provide valuable help to borrowers with less than perfect credit.
Lower credit scores mean fewer options whether purchasing a new home or refinancing. But On Q is expert at finding mortgage solutions to fit virtually every need. In this case, the On Q Team will identify lenders that value the borrower’s other strengths.
To find out more about credit scores and how to maintain or improve your credit, these sites can help you:
- Fannie Mae: www.fanniemae.com
- Freddie Mac: www.freddiemac.com
For more about credit scores and other useful information or to order a credit report, visit:
- Equifax: www.equifax.com
Or you may order your credit report by calling: 800-685-1111. - Experian: www.experian.com
Or you may order your credit report by calling: 888-397-3742. - Transunion: www.transunion.com
