Hi
if you are considering buying a home or refinancing, the subject of credit scores has undoubtedly come up. So, what is a credit score and how does it impact you?
Understanding the Credit Score and Mortgage Relationship
In the 1960s, the concept of credit scores came to fruition. A company by the name of Fair Isaac Corp developed a system whereby credit reports could be summarized as a score. This score, known as a FICO score, could be used by lenders to determine the credit worthiness of a potential borrower.