Credit scores provide lenders with a determination of your credit risk. We use these scores to determine if you are eligible for a loan. Before the use of scoring, the credit granting process was sometimes slow, inconsistent and unfairly biased. Credit scores - especially FICO® scores , the most widely used credit bureau scores - have made big improvements in the credit process.
- Loans are approved faster - Scores can be delivered almost instantaneously, helping us speed up loan approvals as many credit decisions can be made within minutes.
- Credit decisions are fair - Using credit scoring, lenders can focus only on the facts related to credit risk. Factors like your gender, race, religion, nationality and marital status are not considered by credit scoring.
- Credit rates are lower overall - With more credit available, the cost of credit for borrowers decreases. Automated credit processes, including credit scoring, make the credit-granting process more efficient and less costly for lenders who, in turn, pass savings on to their customers. And by controlling credit losses using scoring, lenders can make rates lower overall.
Even if you have had poor credit in the past, you can build positive credit behaviors to help you reach your financial goals. I am happy to pull your credit report and review the report with you to answer any questions you may have. We can then discuss your goals and plans for buying a home. I look forward to helping you!