Articles tagged with: Mortgage
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Home ownership is a part of achieving the American dream. For many, the only thing standing between them and owning a home is a low credit score. Lenders rely heavily on FICO Scores when determining whether to fund a mortgage — low credit scores equate to high risk. Still, it isn’t impossible to get a mortgage with a low credit score.
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A new version of FICO’s credit score formula will raise the scores of people with medical debts, or who paid off other debts in collection but people with unpaid debts on their record that aren’t related to health care would see their scores fall, making it harder for them to get a personal loan or credit card, or raising the interest rates they’ll have to pay, FICO said.