Mortgage Glossary
FICO Score
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A FICO score is the most widely used credit score in mortgage lending, ranging from 300 to 850 and based on your credit history.
What FICO Score means
Lenders pull FICO scores from all three bureaus and typically use the middle one. The score factors payment history, balances, credit age, mix, and new inquiries. It largely determines whether you qualify and at what rate.
Florida example
A Jacksonville buyer raised a 660 FICO score to 700 by paying down cards, moving into a lower rate tier and saving on the monthly payment.
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