Your FICO Score

Published On: January 13th, 2018|Categories: Blog, Sellers|

If you’re buying a home for sale in Aspen and you’re using a mortgage to do it, you probably already know that your lender will look at your credit score to determine your creditworthiness. Most important is your FICO score – but what is it, and how is it calculated?

What is a FICO Score?

FICO stands for Fair Isaac Corporation, the first company to introduce a credit bureau-based score for credit evaluation.
Your FICO score ranges between 300 and 850, with the higher number being better.
Scores above 650 generally mean a good credit history, while those below 620 can make it tough to get any kind of financing (even a simple credit card).
Your FICO score is calculated this way:

35% payment history
30% how much you owe
15% length of credit history
10% new credit you’ve opened
10% mix of types of credit you have

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