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Your FICO Score: Make Your Move to Hawaii Easier

If you are planning to purchase a home, or refinance the one you are in, you should check your credit report at the credit report agencies, so that all the information going into your FICO score is correct.

Credit scores, often referred to as FICO scores, are the predominant credit analysis tool used by mortgage lenders, credit card issuers and others who grant credit. FICO stands for Fair, Isaac and Company, the developer of the scoring models that rank applicants according to their likelihood to repay their debts on time. Individuals' full electronic credit files are run through the software and evaluated for risk patterns by statistical models.

These scores were long kept a secret from consumers by contract requirements. American mortgage applicants now have access to the once secret number known as credit scores. Your credit scores mark you as a good or bad financial risk. To qualify for a mortgage loan, you generally need credit scores of 700 or better.

FICO credit scores are based solely on information in consumer credit reports maintained at one of these credit reporting agencies. They evaluate the same information in your credit report that a lender looks at.

FICO five categories 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.

FICO scores are easy to obtain. Fair, Isaac and Equifax scores can be obtained from the Internet for $12.95 at http://www.myfico.com.

You should make sure the information in your credit report is correct. Not only is your FICO score based on this information, but lenders also review this information in making credit decisions. You should review your credit report from each credit reporting agency once a year and especially before making a large purchase, like a house. To request a copy, contact:

Equifax: (800) 685-1111, www.equifax.com
Experian (formerly TRW): (888) 397-3742, www.experian.com
Trans Union: (800) 916-8800, www.transunion.com

If you find an error, the credit reporting agency must investigate and respond within 30 days.

Ocean view - Kaena Point
Ocean views do a world of good for your mood and your psyche -- an extra benefit of the healthy Hawaii lifestyle!
D'Arcy's Smart Tip:

Real property is mapped & indexed by number according to a tax key system kept by the Real Property Assessment Division. This number identifies your property; you should know your “TMK” number when inquiring about your property.


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