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WHAT’S A FICO®?

What is a FICO® Score?

FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.

What Kind of Score Do I Need for a Home Loan?

There are as many answers to this question as there are loan programs available. Most lenders will take the average of all 3 scores to evaluate an application. Niche loans, such as Easy Qualifier and low down payment loans will have higher FICO® requirements.

How is My Score Determined?

The FICO® model has 5 main elements:

  1. Past payment history (about 35% of score) The fewer the late payments the better. Recent late payments will have a much greater impact than a very old Bankruptcy with perfect credit since.
    Myth - paying off cards with recent late payments will fix things. Payoffs do not affect payment history.
  2. Credit use (about 30% of score) Low balances across several cards is better than the same balance concentrated on a few cards used closer to maximums. Too many cards can bring down the score, but closing accounts can often do more harm than good if the entire profile is not considered. BE CAREFUL WHEN CLOSING ACCOUNTS!
  3. Length of credit history (15% of score) The longer accounts have been open the better for the score. Opening new accounts and closing seasoned accounts can bring down a score a great deal.
  4. Types of credit used (10% of score) Finance company accounts score lower than bank or department store accounts.
  5. Inquiries (10% of score) Multiple inquiries can be a risk if several cards are applied for or other accounts are close to maxed out. Multiple mortgage or car inquiries within a 14 day period are counted as one inquiry.

How Can I Raise My Score

Your score can only be changed by the way that item is reported directly to the credit bureaus (Experian, TU, Equifax). Written confirmation from the creditor is required. It is best to make these corrections before you try to purchase a home, because you can never be sure the exact impact a change will have on your score.

What Does This Mean to Me?

You should have your credit reviewed BEFORE you look for a home, and work with a PROFESSIONAL loan officer to make sure your loan is based on the most accurate information.

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Sandra Cullinan
Vice President/Associate Broker

Meybohm Real Estate
6004 Evans Town Center Blvd.
Evans, GA 30809
Office: 706-863-8218 
Extension: 2471
Fax:  706-855-7847
Cell:  706-533-3353
Email:  scullinan@meybohm.com

 

Testimonials

Sandra was very friendly, helpful and honest, she worked very hard! Mr. Schlabach
Sandra was very helpful and made sure that we understood everything that was going on during the whole process. We had a great experience with her. She also kept us very informed through the whole process. She was very friendly and knew exactly what she was talking about when it came to helping us out. We would recommend her to anyone! She is AWESOME!! Mr. Lunz
Sandra did a terrific job! We were under tight time constraints and she made sure we saw lots of homes- all of which met the criteria we provided! Mr. Guay and Mrs. Madden
Sandra Cullinan was wonderful! She made my first home buying experience wonderful as well! Great job! Ms. Altman
Sandra Cullinan is by far the best agent I have worked with in over 7 home purchases! Great experience! She is very knowledgeable in the market, best in the Augusta area! Mr. Allen T. Berry
Sandra Cullinan made our selling and buying a smooth transition. I have recommended her to several friends. She was WONDERFUL! I have dealt with other real estate companies. Meybohm has been the best! Communication was excellent!! Thank you Meybohm!! Mr. and Mrs. Chris Pryor
Sandra had excellent knowledge of the local real estate market, builders and neighborhoods. We looked at a lot of houses and I got a great house at a good price. Cannot ask for much more than that! Mr. Brett A. Paye
I would recommend Sandra because she was knowledgeable regarding short sale and other services I wanted to take advantage of. Also, she and her assistant Andrea consistantly handled themselves professionally and friendly. Not only did we give them a deadline that we had to sell due to military, there was also the added irritant of Chase Bank. With all this, yet Sandra met every challenge and excelled. Thank you. Mr. and Mrs. William T. Payne
Excellent service, friendly and knowledgeable! Mr. and Mrs. Marc Gianotli
Sandra Cullinan was a great help to us and was looking out for us with the sale. We have sold a home and purchased a home with Sandra. When we are ready to sell again (2-5 years), we will search out Sandra Cullinan. Mr. and Mrs. David A. Pierce
Sandra Cullinan is the best realtor in all of Augusta, maybe even the country. What a wonderful, caring, knowledgeable agent she is and truly an asset to Meybohm Realty- She ROCKS! Marilyn B. Altman
Sandra Cullinan went above and beyond her duties. She is a God send person. I will have her to purchase a new house in the future. Thank you for all your services. Patricia Washington
During our house hunting process we were able to see many homes without feeling the pressure of closing the deal. Our agent's goal was for us to find the right house and not just sell a house. Mr. Saman Nazar Zangana
Honest, great knowledgeable sales people Pamela B. Kennedy
Prompt service Tony E. Meade
Very early as we were simply being introduced to Augusta and the real estate market, we were not particularly pleased with service. With our connection to Sandra Cullinan however, we found energy and an accurate assessment of what our thoughts on what we bought. Mr. and Mrs. David L. Barcus
Sandra and Andrea were very helpful throughout the entire process. They constantly communicated with me via email and phone calls while I was doing my house hunting. My wife and I are very pleased with our new home! Thanks Sandra, Andrea and Meybohm! Mr. Anthony Weaver
Sandra and Andrea did a great job! Jill Churchill
Our home buying experience went very smooth. Mr. and Mrs. Hyun Ha
Excellent service, very knowledgeable and professional service, will definitely use Meybohm in the future! Ronald C. Blue
Sandra and Andrea were wonderful to work with. They made the entire process easy and stress free! Mr. and Mrs. Jansen Johnston
"It was so nice to find an agent like Sandra Cullinan. We lived out of the area and my husband was ill much of the time,This placed an added burden on Sandra to make sure that our property was always ready to show, which she handled with grace and compassion. When we needed to have repairs done she was our go between with the workers. She was always available by phone or email and was prompt in her response. I would highly recommend Sandra Cullinan to anyone needing a real estate agent. " Barbara Rollins, Orlando, Fl.
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ABR - Accredited Buyer RepresentativeASR - Accredited Seller RepresentativeCNHS - Certified New Home SpecialistCRS - Certified Residential SpecialistEqual Housing OpportunityMLS membershipREALTOR® certificationSRS - Seller Representative SpecialistMilitary Relocation Specialist

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