Delaware Mortgages -
Your FICO Scores...

There are a number of important facts, I think it will be easy to understand these factors if they are listed for you.

1. The Main Credit Scoring Companies

• Beacon at Equifax
• FICO Risk Score at Transunion (Empirica)
• Experian/Fair Isaac at Experian

2. The main reason for FICO scores is to predict your chances of default on a specific loan.

• Scores range from 300 - 850.
• Scores below 620 are considered high credit risk.
• Scores over 660 are below average risk.

3. How are the FICO scores weighted?

• 35% - Established from your payment history, collections, and public records.
• 30% - Established from outstanding balances being carried on your accounts.
• 15% - Established from length of credit history. It is better to have credit for longer time frames, so that a history is built up on your record.
• 10% - Established around the type of credit you have.
• 10% - Established around your request for credit (credit inquiries). Every time you apply for credit, your scores are impacted within certain FICO rules. You can however, apply for as many mortgages and car loans as you want, as long as they are in a 14 - day window. FICO allows this because they are big-ticket items.

As always make sure you are working with a loan officer and not just anybody who tells you to fill out an application.

Try to work with someone who has experience closing Delaware mortgages.

Actually, it doesn't matter what state your in just make sure you dealing with a qualified individual.

I would recommend contacting Daphne Warrington, who is a professional mortgage loan officer. She will help you get started right away.