Understanding your Credit Score

Mortgage companies will pull your credit to see if you qualify for their loan programs. Credit scores are based on information collected by three major credit bureaus: Experian, Equifax, & TransUnion. Your lender will choose your middle score from the three bureaus as the score to qualify for your loan. 

Credit scores can range from 300 to 850. World Class Mortgage can accept scores as low as 540 on FHA & VA loan programs. 

 Different variables can effect your credit score and can include:

• The number of credit accounts a person has
• How high balances are credit accounts
• Length of time a person has had a credit account open
• Late payments
• Charge-offs & collections
• Other factors

How to Increase Your Credit Score

• Make on-time payments
• Don't get too close to your credit limit
• Don't close credit card accounts
• Only apply for credit you need