October 9, 2020
1 MINUTE READ
Your FICO score is a number that is created by credit reporting agencies in order to allow potential creditors to assess your credit-worthiness. This score is a huge determinant of what types of debt that you will be able to secure, as well as the terms and rates associated with your debt.
However, many people are unaware of the components that make up a FICO score and are therefore unable to take action to improve their FICO score before applying for a mortgage loan. Below, we’ve included a breakdown of FICO score components and some useful tips on how to maintain a good FICO score.
(Already have a high FICO score? Get a refinancing quote and see how much you could save on your mortgage. Click here to see your rates.)