FICO scores - Articles

Why Are Short Sales So Bad for Your Credit?

By Barry Paperno I recently wrote about the negative impact of short sales and foreclosures on credit scores, and how such a mark on your credit report can knock as much as 160 points off your score. While intuitively this kind of severe impact isn't so surprising in the case of a foreclosure, some people are surprised... Continue Reading »

New Credit Score Will Tell Lenders More About You

Mortgage lenders will soon have access to new details about a prospective borrower's past -- such as past rental applications, inquiries to pay-day lenders, and missed child support payments -- that will be factored in to a new credit score. Real estate and mortgage data aggregator CoreLogic says it's signed an... Continue Reading »

Renters: Raise Your Credit Score Now

It's probably safe to say that it isn't having a new apartment that's hard, it's getting it. First, there's the legwork, then there's the scraping together a security deposit and first and last months' rent. But for some people, it's that pesky credit score that stands between them and the garden apartment with tons of... Continue Reading »

New Credit Scoring Hinders Homebuyers

New credit-scoring rules are making qualifying for a mortgage more challenging than ever. Our sister site WalletPop explains how Fair Isaac, the company that produces the dreaded FICO score, has introduced a new, more rigorous version called the FICO 8 Mortgage Score. Another credit score, known as VantageScore, is... Continue Reading »

Recent news that more than 25 percent of Americans have credit scores below 600 sends up yet another flare in the real estate world. Securing a mortgage these days isn't easy. Even if you've managed to save for a 20 percent down payment, it won't do you any good if you can't borrow the rest of the money to purchase your... Continue Reading »

Credit Scores Drop, Making More Americans Poor Lending Risks

The days of living large on debt are coming to a crashing halt, as more than a quarter of U.S. consumers are generating low credit scores. Credit reporting company FICO Inc. reported that 25.5 percent of all consumers, around 43.3 million, have credit scores lower than 599, making them a poor credit risk in the eyes of... Continue Reading »

How to Get a Low Mortgage Rate

Jennifer Labin was coming up on the seventh year of her adjustable rate mortgage when she decided it was time to try to lower her interest rate. Jennifer and her husband had lived in their Maryland townhouse for the better part of a decade. But with a bigger family on the way and the interest rate on their ARM about to... Continue Reading »

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