PA Mortgage Network

TIP: Don't make any adverse changes to your financial "picture" during this time between approval and closing. Innocent mistakes range from applying for a new department store credit card, to purchasing a refrigerator for the new house, to buying a new car, to quitting a job to go full-time into a new business. When you supply us information to help verify your income, employment, assets and credit history, we will obtain a credit report directly from the credit bureau.

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For people interested in buying a home, refinancing a mortgage or applying for a home equity loan or line of credit in Pennsylvania. Great rates with superior service.

<< Frequently Asked Questions (FAQ)

What is a FICO score?

A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair Isaac began its credit scoring in the late 1950s and scoring has become widely accepted by lenders as a reliable means of credit evaluation.

A credit score attempts to summarize a borrowers credit history into a single number. Fair, Isaac & Co., and credit bureaus do not say how scores are computed and the Federal Trade Commission has ruled this to be acceptable.

Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance. Credit-bureau models are developed from information in consumer credit-bureau reports.

Credit scores analyze a borrower's credit history considering numerous factors such as: late payments, the amount of time credit has been established, the amount of credit used versus the amount of credit available, length of time at present residence, employment history and negative credit information such as bankruptcies, charge-offs, collections, etc.

The three FICO scores computed by data provided by each of the three bureaus Experian, TransUnion and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score. While it is difficult to increase your score over the short run, here are some tips to increase your score over a period of time.

• Pay bills on time.

• Do not apply for credit frequently.

• Reduce credit-card balances.

• If you have limited credit, obtain additional credit.

If you see an error on your report, report it to the credit bureau. The three major bureaus in the U.S., Equifax (1-800-685-1111), Trans Union (1-800-916-8800) and Experian (1-888-397-3742) all have procedures for correcting information promptly. In addition, your mortgage company may help you correct this problem as well.