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FICO Scores

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FICO scores are numeric values assigned to consumers like yourself by credit reporting agencies.  They are rankings based on your credit history and are divulged to requesting lenders who are deciding to bestow you with credit or not.  The score is designed to reflect your likelihood of paying back a loan by the lender's terms of agreement.  Other factors considered when issuing home equity loans and determining home equity loan rates:

  • your monthly/annual wages.
  • current bills/payments you are making.
  • your homes value (determined by appraisal)

What is the Best FICO Score?
The highest FICO placing goes to those who have a score above 620.  This is called the "A" Group.  Factors can vary - Yet, more often than not, those consumers in the "A" Group and with the highest rankings above 620 have the most propitious chances of receiving the home equity loan they desire.

Although it is ideal to have a FICO score of at least 620, it is still likely for borrowers to qualify for home equity loans who have lower FICO scores.  Obviously, the home equity loan rates will not be as advantageous as they would be with a FICO score of 620 or higher.

What Determines My FICO Score?
It would help to know this question by knowing Who determines your FICO score.  For many years, Fair Isaac & Company has been the firm responsible for gathering and analyzing credit histories for great masses of borrowers. 

It is Fair Isaac & Company's legal right to not divulge the credit analyzing factors they use.  Although it is common knowledge what factors they may use, we know for sure what they cannot utilize in determining FICO scores, such as race, gender, sexuality, and religion.  The following are possible components in FICO score determination: 

  • unpaid credit balances;
  • means and method of past credit payments;
  • past credit problems like bankruptcy and failed/late payment;
  • other considerations, like amount of credit history

Are There Ways to Increase My FICO Score?
Since FICO scores are determined by analyzing credit history over a span of years, it is not feasible to increase your FICO score over a small length of time.  However, your can increase your FICO score over the long haul with some patience.  Some ways do this and also increase your chances for better home equity loan rates and possible home equity loan refinancing are:

  • insuring your current bills are fully paid and punctual;
  • nullifying or drastically reducing your current indebtedness;
  • keeping a minimum of open credit accounts;
  • Steering clear of foreclosures and bankruptcy.

 

TIP: If you would like to examine your own credit history, you can do so by requesting a credit report from the following chief reporting agencies -- Equifax, Experian, and TransUnion.

 

Equifax
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
www.equifax.com
Experian
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742
www.experian.com
Trans Union LLC
Consumer Disclosure Center
P.O. Box 390
Springfield, PA 19064-0390
(800) 888-4213
www.transunion.com

 

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