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FICO® Scores and Your Mortgage
Until just a few years ago, credit scoring had little to do with getting your mortgage. Loan processors and underwriters would make subjective decisions based on past payment history in determining the credit worthiness of a borrower. After lenders studied the definite relationship between credit scoring and mortgage delinquencies, things began to change. Clearly half of the borrowers with FICOŽ scores below 550 became ninety days delinquent at least once during their mortgage term. On the other hand, only one in every 5,000 borrowers with FICO® scores above eight hundred became delinquent. Loan processors will typically request reports and credit risk scores from at least two of the three major credit bureaus. The better your reports, the better you'll score, and the easier it will be to get a mortgage loan with good rates and terms. Never apply for a loan without knowing what each of the three bureaus will report on you. . Remember, FICO® scores play an important role in the underwriting of your mortgage. If necessary, do credit repair before submitting any applications.
RMCN Credit Services1611 Wilmeth Road, Suite BMcKinney TX 75069(972) 529-0900 Office (972) 562-0225 FaxToll Free (888) 4-MY-REPAIRSe Habla Español
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©1997- RMCN Credit Services, Inc. All rights reserved. RMCN Credit Services, Inc does not provide tax, legal or financial advice. If you need any type of legal advice,
you must contact a licensed attorney. Comments about the possible and/or potential outcome of Client's matters are based upon experience and prior success in these matters.
RMCN does not guarantee the permanent removal of accurate and verifiable information. Client's active participation in providing RMCN all requested documents, forms,
and information including investigation results are essential for the accomplishment of an accurate credit report. Individual results may vary.
RMCN does business exclusively within the State of Texas. (Client) has initiated contact with RMCN for purposes of retaining its Texas-based services. RMCN's performance under its
(contract) will take place solely within the State of Texas. The parties agree that RMCN has not established contacts within, or availed itself of the laws of, any state other than Texas.