How Your Credit Score Is Derived
Developed in 1956, a Fair Isaac Corporation Score (commonly called the FICO Score) is a three digit number ranging from 300-850 and is calculated according to the following risk factors:
Payment History (35% of score)
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Amounts Owed (30% of score)
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Length of Credit History (15% of score)
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New Credit & Inquiries (10% of score)
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Types of Credit (10% of score)
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What It Means
Once the borrower’s score is derived, most lenders use a standard ‘grading’ system to categorize the results. While some lenders develop their own systems for classification of scores, below is a general guide of score interpretation. Used as a general reference, this can help you interpret the credit score you’ve been given based on a grading system typically used in schools:
| CREDIT SCORE 670 and above 650 620 580 550 520 or below |
GRADE A+ to A A- B+ to B- C+ to C- D+ to D- E |
Fair Isaac Resolution Resources Helpline (800) 777-2066
Things To Consider Before Buying A Home
Documents Needed for Loan Applications
How Your Credit Score Is Derived
WHY GRAND AVENUE REALTY & LENDING
You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need Grand Avenue Realty & Lending!
When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.
Grand Avenue Realty & Lending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.
