Straight Talk About Real Estate

When you apply for a loan such as a home mortgage, automobile loan and credit cards, lenders will determine your creditworthiness by your FICO score.

This measurement was created by the Fair Isaac Corporation in 1989. It is a numeric ranking somewhere between 300 and 850. Your score depends on your payment history, amounts owed, length of credit history, new credit, and types of credit in use. The higher your score, the better loan options are available to you. With a score of 730 and above, you can likely get any loan you want. You can still obtain a loan with a lower score, but your interest rate will be higher and you may not get the loan program you want.

So you see the importance of protecting your credit by making timely payments on all your bills.