1-800-276-2965
Speak with a live person
/App_Themes/PacificTrust/Images/nav_home_on.gif/App_Themes/PacificTrust/Images/nav_step_on.gif/App_Themes/PacificTrust/Images/nav_green_on.gif/App_Themes/PacificTrust/Images/nav_test_on.gif/App_Themes/PacificTrust/Images/nav_interest_on.gif
/App_Themes/PacificTrust/Images/nav_purchase_on.gif/App_Themes/PacificTrust/Images/nav_refinance_on.gif/App_Themes/PacificTrust/Images/nav_why_on.gif/App_Themes/PacificTrust/Images/nav_faq_on.gif/App_Themes/PacificTrust/Images/nav_login_on.gif/App_Themes/PacificTrust/Images/nav_contact_on.gif

What is a credit score?


 

A credit score is a number between 300 and 850 that helps lenders and others predict how likely you are to make your payments on time. This score is determined by using data contained within your personal credit report. Often these scores are called a FICO score which is developed by Fair Isaac Corporation. It is today's most commonly used scoring system.

 

 

The higher your credit score, the more willing lenders will be to lend you money at favorable interest rates. These scores are determined using numerous factors. These factors include:

 

 

  • Length of time you have had credit
  • Timeliness of payments
  • Number of accounts - both outstanding and previous
  • Balance relative to limit
  • Outstanding judgments, tax liens, collections and bankruptcies
  • Number of credit inquiries
  • And others

 

At Close Your Own Loan, a credit score is not the only method used to determine an applicant's ability to qualify. The automated underwriting engine that Close Your Own Loan employs to issue all of our loan approvals is able to examine the overall credit worthiness of a borrower regardless of credit score. Often credit scores can be artificially high or low based upon limited activity or a recent event. This can have an immediate impact on your credit score, but not truly affect your ability to qualify for a new home loan. The automated underwriter understands this. It will review and explore your entire profile and issue an approval or denial based upon the big picture, not just a credit score issued by a credit reporting agency.

 

For a detailed explanation on ways to improve your credit score, click here.

 

Speak With A Loan Coordinator 

 

Would you prefer to speak with a Loan Coordinator over the telephone?  Please call us directly at   1-800-276-CYOL(2965) and choose option 1.  Or, click here to have one of our experienced representatives contact you directly.