Your Credit Scores Versus The Nation
Posted by Steve Castaneda on Friday, June 19th, 2009 at 2:13pm.I would say that 98% of our clients look to get a mortgage for their next home. Credit scores play a major role in determining if you qualify, along with other important information like debt to income ratios.
Have you ever wondered how your scores compare, on average, with the rest of the nation? I stumbled across this great image detailing average credit scores, and it even goes into detail about how credit bureaus go about determining your score.
The most widely used score used when determining your eligiblity for a loan is a FICO score from Equifax. In real estate, however, lenders will use three scores to qualify you for a home loan; a score from Equifax, Experian, and Transunion.
Thanks to BillShrink for pointing this out to me today.
Steve is a Realtor and founding member of MyHomeHouston.com. He has been helping people buy and sell Houston Real Estate since January, 2005.
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