We have discussed these in the past, but they are so critical to our credit history, I will repeat them and include some Experian explanations. A score, according to Experian, takes into consideration all these areas of information, and the importance of any factor depends on the overall information in your credit report. What s important is the mix of information, which varies from person to person, and for any one person over time. We must all remember that a FICO score only looks at the information in your credit report.
Lenders look at many things.
You could have very high income and low debt in relation to that income, but that would not enter into your score. That s where the lender s underwriting of each case comes into play. I will continue next week with more details on the five primary scoring factors. Of course, this subject is just about never-ending. Home ownership is a wonderful objective for your energies.