Good news for veterans of the U.S. military and anyone interested in an FHA loan — it just got easier to qualify for an FHA loan or VA loan if you have less than perfect credit. With Quicken Loans, you can now qualify for an FHA loan with a credit score as low as 580.  That’s one of the lowest qualifying scores you’ll find in today’s mortgage market and veterans and active members of the military can qualify for a VA loan with the low credit score of 620 as well.

Few financial figures are as important as a credit scores. The three-digit figure has a major impact on daily life — dictating what consumers can buy, how much credit they can obtain and even where they choose to reside.

So, what is a FICO Score? It’s a number that is formulated based on your credit history helping lenders evaluate your credit risk. Your FICO Score is used to determine credit offers and interest rates — and now it’s free for you to view.

According to Experian.com, an unpaid tax lien will most definitely affect your credit score negatively. How much, however, varies since Experian notes that it depends on an individual’s overall track record of paying bills on time. The important thing is to find ways to get the IRS lien paid before considering options you have that can remove a current or old and paid lien from your credit score.

Your credit score report can be affect by more than your available credit history. We talk about how credit cards, mortgages, car loans, and any type of loan that reports to all 3 credit bureaus will affect your credit score. We don’t always talk about utility companies and how they can have a negative impact on your credit report. Here are utility companies I like to consider non-creditors. In other words these companies don’t give you a line credit, they just provide a service.