Florida Mortgage institution considers your credit worthiness when choosing whether to extend a loan and how much of an interest rate you will pay. Your credit worthiness comes down to three things: your credit history, your income and the loan-to-value ratio.
Credit bureaus collect information about the amount of debt you have and whether you pay your bills on time. They compile this information into a file called a credit report, and then boil all this down to a number between about 300 and 850. That number is your credit score. Sometimes it’s called a FICO score, after Fair Isaac Corp., the company that pioneered credit scoring. Most lenders use the middle of the three scores. So for example if you had a 600, 620, and 640 score set