MinnTrust Mortgageon Google+

About Your Credit Score

Are you looking for a mortgage loan? Joe Wagner will be glad to talk about your mortgage needs! Call Joe Wagner at 612-327-4544. Ready to get started? Apply Now.

Before lenders make the decision to give you a loan, they need to know if you're willing and able to pay back that loan. To assess whether you can repay, they look at your income and debt ratio. To assess how willing you are to repay, they use your credit score.

Fair Isaac and Company built the original FICO score to help lenders assess creditworthiness. You can learn more about FICO here.

Credit scores only consider the info contained in your credit reports. They never take into account your income, savings, amount of down payment, or personal factors like sex ethnicity, national origin or marital status. These scores were invented specifically for this reason. "Profiling" was as bad a word when these scores were first invented as it is now. Credit scoring was envisioned as a way to assess willingness to repay the loan while specifically excluding any other personal factors.

Deliquencies, payment behavior, debt level, length of credit history, types of credit and the number of credit inquiries are all calculated into credit scores. Your score is calculated from the good and the bad in your credit report. Late payments count against your score, but a consistent record of paying on time will improve it.

For the agencies to calculate a credit score, borrowers must have an active credit account with a payment history of at least six months. This payment history ensures that there is enough information in your credit to build a score. Should you not meet the criteria for getting a credit score, you might need to work on a credit history before you apply for a mortgage loan.

 

Joe Wagner answers questions about Credit reports every day. Call Joe Wagner at 612-327-4544.






Serving all of Minnesota.
Anoka MN, Apple Valley MN, Bemidji MN, Boundary Waters MN, Brainerd MN, Bloomington MN, Coon Rapids MN, Crow Wing County MN, Dakota County MN, Bloomington MN, Eden Prairie MN, Gull Lake MN, Hennepin County MN, Hopkins MN, Lakeville MN, Lake Mille Lacs MN, Lake Minnetonka MN, Lake Nokomis MN, Lake Pepin MN, Lake Vermilion MN, Lake Winnibigoshish MN, Leech Lake MN, Maplewood MN, Mendota Heights MN, Mound MN, Orono MN, Red Lake MN, Richfield MN, Rosemount MN, Savage MN, St Louis Park MN, White Bear Lake MN, Wright County MN.

Basic Pre-Approval

Get the Best Mortgage Rate! Tell us a little about your current needs and we can use that information to match you with just the right loan.

Tell us about your loan needs.
How can we get in touch with you?
Tell us about your credit history.

Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.9% 4.03%
15-yr Fixed 3.17% 3.34%
1-yr Adj 2.74% 3.4%
* national averages

Mortgage Calculator

$
%
%
yrs
$