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
Are You Buying a Home in Aspen or the Surrounding Communities?
We’d love to help you find your dream home here. Call us at 970-429-8275 or contact us online to let us know what you’re looking for so we can start searching right away.
While you’re here you can also browse our:
- Aspen real estate listings
- Basalt real estate listings
- Carbondale real estate listings
- Snowmass real estate listings
- Woody Creek real estate listings
Search Aspen Real Estate Listings by Price
- Aspen homes for sale between $200k and $300k
- Aspen homes for sale between $300k and $400k
- Aspen homes for sale between $400k and $500k
- Aspen homes for sale between $500k and $600k
- Aspen homes for sale between $600k and $700k
- Aspen homes for sale between $700k and $800k
- Aspen homes for sale between $800k and $900k
- Aspen homes for sale between $900k and $1 million
- Aspen homes for sale over $1 million