Comments on: How are Mortgage Interest Rates Determined II

By: Dave

Dave — Wed, 20 Feb 2008 14:19:47 +0000

Very insightful, thanks!!

What’s the difference between Credit Score and FICO Score? One of the responses to your post state they’re different.

By: Komal

Komal — Mon, 12 Mar 2007 20:16:24 +0000

I just paid off two credit cards last week to boost my credit scores. How long does it take for the payments I have made to be reflected on my credit reports.

By: The XBroker

The XBroker — Thu, 01 Mar 2007 16:48:33 +0000

Thx Mariana…How certain types of credit are weighted generally goes like this:

Best- Mortgage… Highest, best, most heavily weighted…i.e. can improve or harm your score the most, depending on your payment history.

Good- Auto loan/Installment loan..i.e Bank, credit union, signature loan etc.

Average- Credit cards.. Try and keep the balance less than 50% of the available ‘high credit’ the card allows for. Balances too far above 50% of the limit can harm the score, while balances 50%> can improve your score.

Do not close out unused credit cards…this will hurt your score in the short term….

By: Your Credit - Your FICO Score - Your Mortgage « The ‘Springs Realty Scoop

Thu, 01 Mar 2007 04:14:40 +0000

[…] Well, there are many places that a home buyer could go to learn about credit, but I have yet to find a comprehensive description of exactly what credit and FICO scores are really about. Until now… I just read a detailed, yet easy to understand article about FICO scores and credit, written by a blogger who calles himself the X Broker. “The key to understanding credit when applied to the mortgage industry is that its all open to interpretation…score isn’t everything” -X Broker. […]

By: Mariana Wagner

Mariana Wagner — Thu, 01 Mar 2007 03:47:31 +0000

X- This was the most comprehensive, well-written explanation that I have read about credit scoring and ratings. So much is not understood - or MISunderstood about this realm. All we need now is the coveted matrix of HOW different credit directly or indirectly affects our score.
Thank you.
-Mariana

By: Nancy Woodward

Nancy Woodward — Sat, 17 Feb 2007 14:27:53 +0000

What good information. Your article covers all the important aspects of credit ratings. Most folks believe only the credit score is key.

Generally people focus on credit score and do not consider their FICO score.

By: Rob

Rob — Sat, 17 Feb 2007 12:05:09 +0000

I totally agree with the credit score, knowing this is crutial and 640 FICO may be all one needs to qualify for the best rates and terms. THese guys helped me with secured loans that I would not have got if I didn’t know my score, this was crutial. Great article, everyone needs to know about their score.