Last week we talked about how your FICO score is actually determined but what does this little number actually mean when you’re considering purchasing a stylish and comfortable new Colorado Springs home?
According to ScoreInfo.org, your credit score means a great deal to you and to your ability to obtain the best mortgage rates on your new home in Colorado Springs!
It’s important to remember that every lender has their own credit risk standards. These include the minimum credit score that applicants must have in order to qualify for a loan or credit account. Additionally, Lenders require other information including, how much you earn, your regular expenses, and how you manage your credit, checking and savings accounts.
The chart below (provided by ScoreInfo.org) provides general guidance on what a particular FICO® Score represents. As you can see, very high FICO® Scores, those above 800, usually mean an individual’s credit report is strong in each of the five categories we discussed in last week’s article. Very low FICO® Scores, those below 400 generally mean an individual’s credit report is weak in each of the five categories.
It’s important to remember that weakness in one category may be offset by strength in other categories. And, one can always improve their FICO® Score by improving the weak areas of your credit profile. If you have purchased your score or received an Adverse Action notice because your credit application was turned down, the reasons associated with your score will give you good ideas for improving your scores over time.
|Your FICO® Score||Evaluation||What it means|
|760 or higher||Great||Your score is well above the average score of U.S. consumers and clearly demonstrates to lenders that you are an exceptional borrower.|
|725 to 759||Very Good||Your score is above the average score of U.S. consumers and demonstrates to lenders that you are a very dependable borrower.|
|660 to 724||Good||Your score is near the average score of U.S. consumers, and most lenders consider this a good score.|
|560 to 659||Not Good||Your score is below the average score of U.S. consumers, though some lenders will approve loans with this score.|
|Lower than 560||
|Your score is well below the average score of U.S. consumers and demonstrates to lenders that you are a very risky borrower.|
Now that you know what the scores mean to you, you can make educated decisions on purchasing a new Colorado Springs home and take advantage of the best time in the last fifty years to purchase a new home. Since 1965 Campbell Homes has been building stylish and comfortable new homes for sale in Colorado Springs in the finest locations and master planned Colorado Springs Communities with excellent community amenities and the best schools in Colorado Springs. Heck, we’ll even throw in a free finished basement (but, for a limited time only)!
NEW Campbell Homes come standard with peace of mind and a guaranteed move in date in seven Colorado Springs locations. Priced from the low $200s, Campbell Homes’ models are open daily to 6 p.m. Or, for additional information visit our online sales office at www.CampbellHomes.com.