Credit Reports    








Florida Mortgage Corporation only pulls a credit report (three credit bureaus) upon receipt of a completed mortgage application and "signed" credit report authorization release. Do NOT give your social security number to anyone over the phone, online, etc. It can be very risky. Please visit our Mortgage Shopping page. Remember, your credit report contains a lot of personal and confidential information about you.

Florida Mortgage Corporation offers numerous mortgage programs for borrowers with credit scores ranging from 375 to 850. Whether you have an excellent credit history, adverse credit history, or no credit, we probably offer a mortgage program that may fit your requirements.

What's in Your Score

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your score.

These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.

Payment History


▪  Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)

▪  Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)

▪  Severity of delinquency (how long past due)

▪  Amount past due on delinquent accounts or collection items

▪  Time since (recently of) past due items (delinquency), adverse public records (if any), or collection items (if any)

▪  Number of past due items on file

▪  Number of accounts paid as agreed

▪  Amounts Owed


▪  Amount owing on accounts

▪  Amount owing on specific types of accounts

▪  Lack of a specific type of balance, in some cases

▪  Number of accounts with balances

▪  Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)

▪  Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain installment loans)

▪  Length of Credit History

▪  Time since accounts opened
▪  Time since accounts opened, by specific type of account
▪  Time since account activity
▪  New Credit

▪  Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
▪  Number of recent credit inquiries
▪  Time since recent account opening(s), by type of account
▪  Time since credit inquiry(s)
▪  Re-establishment of positive credit history following past payment problems
▪  Types of Credit Used

Number of (recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)

Please note that:

A score takes into consideration all these categories of information, not just one or two. No one piece of information or factor alone will determine your score. The importance of any factor depends on the overall information in your credit report.

For some people, a given factor may be more important than for someone else with a different credit history. In addition, as the information in your credit report changes, so does the importance of any factor in determining your score. Thus, it's impossible to say exactly how important any single factor is in determining your score - even the levels of importance shown here are for the general population, and will be different for different credit profiles. What's important is the mix of information, which varies from person to person, and for any one person over time.

Your FICO score only looks at information in your credit report. However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.
Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score.

Each credit bureau has its own unique system for compiling credit scores. However, the scoring models have been normalized so that a numerical score at one bureau is the equivalent of the same numerical score at another. Thus, a score of 700 from Equifax indicates the same creditworthiness as a score of 700 from Trans Union or Experian, even though the calculations used to determine those scores are different at each bureau.

A computer-generated score is compiled using information from an individual's credit report, such as how much money is owed and whether payments have been made on time. Then that score is compared to the credit performance of consumers with similar profiles. The scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points-a credit score--helps predict how likely it is that you will repay a loan and make payments on time.

Credit scores range from 375 to 850 points, but those numbers mean little on their own. They become meaningful and useful within the context of a particular lender's own cutoff points and underwriting guidelines.

In general, you are likely to be considered a better credit risk if your FICO score is high. Under mortgage lending guidelines, for example, a score of 650 or above indicates a very good credit history. People with these scores will usually find obtaining credit quick and easy.

Scores between 620 and 650 (average FICO scores fall into this range) indicate basically good credit, but also suggest to lenders that they should look at the potential borrower to assess any particular credit risks before extending a large loan or high credit limit. People with scores in this range have a good chance at obtaining credit at a good rate, but may have to provide additional documentation and explanations to the lender before a large loan is approved.

When in doubt, contact Florida Mortgage Corporation and discuss your personal situation with a professional mortgage consultant.




MCMXCVIII Florida Mortgage Corporation, All Rights Reserved  ▪  Site Map  ▪  Site Map1