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Understanding Your FICO Score and How it Affects Home Buying

Your credit score plays an important part in the home buying process and in determining the different programs that you are eligible for.  At American Home Lending USA, LLC, we work with all types of credit scores and have numerous programs that can help those with excellent credit, good credit, and credit challenged. We can also provide excellent advice and tips on how to raise your credit score for your upcoming mortgage. Please call us first for advice before you try to “fix your credit yourself”. You may do things that will unintentionally hurt or lower your credit score like payoff collections.

How are credit scores calculated?

Credit scores are generated by plugging the data from your credit report into software that analyzes it and cranks out a number. The three major credit reporting agencies don’t necessarily use the same scoring software, so don’t be surprised if you discover that the credit scores they generate for you are different.

Which parts of a credit history are most important?

Below is a breakdown of the approximate value that each aspect of your credit report adds to a credit score calculation.

  • 35% – Your Payment History
  • 30% – Amounts You Owe
  • 15% – Length of Your Credit History
  • 10% – Types of Credit Used
  • 10% – New Credit

Obtain your free credit report

The information in your credit report has a huge impact on whether or not you qualify for a mortgage loan and what interest rate a lender will offer. Therefore, it’s important your credit report reflects a positive image of the way you manage your money. If you're getting ready to buy a home, checking your credit report is the best way to ensure you get the loan and interest rate you deserve.

How do I order my free report?

The three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.

To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form is on the back of this brochure; or you can print it from ftc.gov/credit. Do not contact the three nationwide consumer reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

You may order your reports from each of the three nationwide consumer reporting companies at the same time, or you can order your report from each of the companies one at a time. The law allows you to order one free copy of your report from each of the nationwide consumer reporting companies every 12 months.

New law promotes free access to credit reports
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.

A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

Here are the details about your rights under the FCRA and the Fair and Accurate Credit Transactions (FACT) Act, which established the free annual credit report program.

 

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Illinois Corporate Office
240 S Buchanan St
Edwardsville, IL 62025
Phone: (618) 659-8500
Toll-Free: (800) 965-0125
Fax
: (800) 771-6925
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Clearwater, FL 33759
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Mobile, AL 36603
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Dallas, TX 75201
Phone
: (214) 556-8080
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: (800) 771-6925
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St. Louis, MO 63103
Phone: (314) 658-4534
Fax
: (314) 735-1250

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3543 Tom Watson Drive
Saltillo, MS 38866
Phone
: (662) 762-4499
Fax
: (662) 796-0216

Hattiesburg, Mississippi Branch
2556 Old Highway 24
Hattiesburg, MS 39402
Phone
: (601) 941-5950
Fax
: (800) 771-6925

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American Home Lending USA, LLC. NMLS ID 71983 is an approved Equal Housing Lender.  To verify licensing please visit NMLS Consumer Access (www.nmlsconsumeraccess.org).  Mortgage rates and programs subject to change without notice.  All borrowers must qualify per program guidelines.  Other restrictions may apply. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Privacy notice: Your privacy is protected on this site. We will never reveal, sell, or submit your name, address, telephone numbers, tax numbers, or e-mail address to any other vendors, real estate agents, mortgage companies, or banks.  Equal Housing Lender.

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