Gerald’s Article Insights: “Your Credit Score Needs to be This Good to Get a Mortgage”

Your credit score has an enormous influence on your ability to borrow money to buy a home or even to qualify to rent an apartment.  Your credit score also has a profound impact on many other aspects of your life like the qualifying to get a job, qualifying to get student loans, car loans or credit cards as well as the amount of interest you’ll ultimately pay on those loans.  There’s only one true credit score that is used by lenders to decide whether you qualify for a home loan, a car loan or some other kind of credit–that one true credit score is your FICO score; FICO stands for Fair Isaac  Corporation.  Proof of the fact that your FICO score is the only credit score that matters is that 90 of the 100 largest financial service providers use the FICO score to measure credit worthiness.  What most people don’t know is that every credit reporting agency has its own version of a credit score that they use to try to lure us into paying for credit monitoring services.  Caveat Emptor-be careful before you spend your money.

-Gerald

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