You've seen the acronym, and are probably well aware of what your FICO score is, but I thought I'd share some information on FICO directly from the source.
Similar to the way Federal Express eventually became FedEx, the company that develops FICO scores used to be called Fair Isaac Co. It was shortened to FICO and that's it's official name now.
Your FICO score is used by lenders to determine the risk involved with lending you money. Whether its buying a house, car or any item with credit, your FICO score will determine how much money the lender is willing to lend, and at what terms (interest rate).
For information on what makes up your FICO score and what you can do to bring those scores up, click on the link below.
A common question a lot of homeowners ask me is how quickly will they be able to get back into the housing market.
Mortgage lending guidelines constantly change, and banks have tried to regulate the qualifying process in hopes of avoiding a repeat of the 2006 mortgage meltdown.
Call or email me with any questions you may have!