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How Does a Mortgage Work?
How Important is your Credit Score?
How to Borrow on Property
How to Put Cash Down on a House
How to get Financing for Buying a Home
Choosing a Loan Type
What is a Negative Amortizing Loan?
How Banks make Money on Loans
How Brokers Get Paid
How to Find Financial Consultants You Trust
Important Things About Mortgages
The exact formulas that companies use to arrive at their credit score numbers are company secrets. Despite… More
A credit score, also known as a FICO score, is a system used by lenders to make lending decisions. Whether… More
Find out how banks judge your credit score in this free video on insider banking and finance advice.… More
Getting your credit score is important when buying a house. See why in this free video on real estate and… More
Your credit score is determined using a software that weights different factors of your credit history. FI… More
A good FICO score is one that exceeds 700. Any amount above that number is generally sufficient to qualify… More
FICO (Fair Isaac Corporation) credit scores are determined on the basis of a variety of factors. The prime… More
You have applied for a new loan or credit card, only to find that you were denied credit. The problem is l… More
Although many people don't know their credit score at any given point, it is an extremely important part o… More
Reading credit graphs is important when buying a house. Learn why in this free video on real estate and b… More
Credit reporting agencies are clearinghouses for information on individual consumers' loan repayment histo… More
You may not discover derogatory information on your credit report until you receive a loan denial. Since y… More
Summary: Find out how banks judge your credit score in this free video on insider banking and finance advice.
Levi Culbertson is a 2000 appointee of the United States Air Force Academy. Following the appointment, he moved to Marshall, MN where he was employed in property management by Robert...read more
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"Okay, so to recap the first evaluation step of income, the DTI, that debt to income ratio being less than 50%. The way the banks look at that is they take your year to date pay stub and your last year's W2 and they find what the average is for a month. If you're self-employed, they're going to look at 2 years of your tax returns and you're going to look at your adjusted gross, and that's before taxes. Okay, so that covers income. Step 2; the second thing they're going to evaluate is your credit score. Now, this is one of the most important factors to a bank. Right now, the industry is shifting a lot so this is becoming more and more crucial. With your credit they like to typically see the credit score at 680. Now, that credit score is called your fico, and they look for the mid. There are 3 reporting agencies or bureaus. Equifax, experian, and transunion. Those guys evaluate your credit worthiness and then give you a risks score. That's called you fico. Now, the middle of those 3, whoever's score is in the middle, is the one they take and they look for a minimum 680. They prefer to see it up over 720. That's the second evaluation point they look at. Do you have any questions on that? No. Okay, so the second thing they're going to look at is your credit score."
eHow Article: How Important is your Credit Score?
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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