What's in a number?
A lot, if you're talking about your credit score. Lenders evaluate your ability to repay a loan based on your score. A well-known score is the FICO score (named for the Fair Isaac Corporation), which uses a formula to calculate a single value to indicate creditworthiness and determine the risk involved in extending credit. Credit bureaus use different scoring systems, which range numerically from the 300s to about 900. The higher your score, the better chance you have of getting better terms for credit extended.
Determine your credit score
You can start with a free service that should give you an idea of your credit worthiness.
What determines a credit score?
Basically 5 factors determine your score -
We have created a glossary of frequently used terms. If you still have questions about a term after you have visited this page, please reach out to one of our mortgage professionals and they will be happy to help.