About Your Credit Score

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Before lenders decide to lend you money, they have to know if you're willing and able to pay back that mortgage. To assess whether you can pay back the loan, they look at your income and debt ratio. To calculate your willingness to repay the mortgage loan, they look at your credit score.

Fair Isaac and Company built the original FICO score to help lenders assess creditworthiness. You can learn more on FICO here.

Credit scores only assess the information in your credit reports. They do not take into account income, savings, down payment amount, or personal factors like gender, ethnicity, nationality or marital status. Fair Isaac invented FICO specifically to exclude demographic factors like these. Credit scoring was envisioned as a way to assess a borrower's willingness to repay the loan without considering other demographic factors.

Past delinquencies, payment behavior, current debt level, length of credit history, types of credit and number of credit inquiries are all considered in credit scoring. Your score comes from the good and the bad in your credit report. Late payments count against you, but a record of paying on time will improve it.

For the agencies to calculate a credit score, you must have an active credit account with six months of payment history. This payment history ensures that there is enough information in your credit to calculate an accurate score. If you don't meet the criteria for getting a score, you might need to establish your credit history prior to applying for a mortgage.

Trinity Mortgage can answer your questions about credit reporting. Give us a call: (904)964-8111.