12/31/2022
Have you ever felt like credit and credit scoring is a mystery or doesn't make sense? Did you know that you actually have 3 credit scores? One for each credit bureau.
You are not alone! Take a look here at what factors into your FICO credit score.
FICO stands for Fair Isaac Corporation, and this organization revolutionized the way credit scores are calculated and reported by the three national credit bureaus.
When you go to apply for s home loan, your lender will pull your credit from Experian, Equifax, and Transunion.
They will then use the middle of your 3 credit scores when qualifying you for the loan.
Give me a call if you want to discuss things further!
Pro-tip: In order to ensure a healthy credit utilization, do NOT let more than 30% of your high credit limit on any given credit card roll over into the next pay period. For example, if you have a card with a $1000 limit, do not charge more than $300 unless you can pay it down to under $300 by month's end.
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