First Funding Network, Inc.

Tips On Credit Scores

Know Your Credit Score

Most mortgage products today are "credit score-qualified". What does your score mean? Take a look:

700 and up

Qualify for best rates on all programs.

650-699

Most likely qualify for best rates, but may be excluded from some products (I.E. no-income verification products).

600-649

May need compensating factors to get best rates, most likely to be excluded from some programs.

599 and below

Only chance at best rates is FHA, most likely to get higher rates or be turned down.

There are three major credit repositories: Experion, Equifax and Emperica. Do not assume that all have the same information in their reports. All banks require a tri-merged credit report using all three credit repositories. Banks will use the middle credit score.