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Re/Max Around Atlanta ~ Avenues in West Cobb
Jerrie Lusk & Associates
3375 Dallas Hwy.
Marietta, Georgia 30064
678-819-9296

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  FICO Score - a Brief Explanation

When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you've made your payments on time. What you may not expect is that they seem to be more interested in your "FICO" score.

"What's a FICO score?" is a common reaction.

Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances are near maximum, and assorted other variables. When the credit report prints in your lender's office, the total score is displayed. Your score can be anywhere between the high 300's and the low 800's.

Lenders wanted to determine if there was any relationship between these credit scores and whether borrowers made their payments on time, so they did a study. The study showed that borrowers with scores above 680 almost always made their payments on time. Borrowers with scores below 600 seemed fairly certain to develop problems.

As a result, credit scoring became a more important factor in approving mortgage loans. Credit scores also made it easier to develop artificial intelligence computer programs that could make a "yes" decision for loans that should obviously be approved. Nowadays, a computer and not a person may have actually approved your mortgage.

In short, lower credit scores require a more thorough review than higher scores. Often, mortgage lenders will not even consider a score below 600.

Some of the things that affect your FICO score are:


  • Delinquencies
  • Too many accounts opened within the last twelve months
  • Short credit history
  • Balances on revolving credit are near the maximum limits
  • Public records, such as tax liens, judgments, or bankruptcies
  • No recent credit card balances
  • Too many recent credit inquiries
  • Too few revolving accounts
  • Too many revolving accounts


FICO actually stands for Fair Isaac and Company, which is the company used by the Experian (formerly TRW) credit bureau to calculate credit scores. Trans-Union and Equifax are two other credit bureaus who also provide credit scores.

 

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Vista Lake Model Home As Seen on TV

View Video Tour of Vista Lake Homes. A resort like new home community in Northwest Atlanta Metro, Dallas, Georgia



Specialization
I specialize in representing my clients in the purchases and sale of single-family residences, homes, condos and townhouses within the cities of Atlanta, Smyrna, Vinings, Cartersville, Dallas, Mableton, Powder Springs, Hiram, Emerson, Roswell, Acworth, Kennesaw, and Marietta. I keep current of all transactions in these areas, and I'm also very knowledgeable with the local schools.

Personal
Serving in Atlanta area home buyers and sellers over 25 years as a Realtor and Licensed Georgia Real Estate Broker. My youth was filled with extra-curricular activities and organization centered around school, church and Smyrna athletics.

What's a CRS?

Value of Becoming a CRS

The Certified Residential Specialist (CRS) is the highest Designation awarded to sales associates in the residential sales field. The CRS Designation recognizes professional accomplishments in both experience and education.

Since 1977 the Council of Residential Specialists has been conferring the CRS Designation on agents who meet its stringent requirements. Currently, there are only 34,000 active real estate agents who are CRS Designees.

Certifications and Recognitions
CRS, Certified Residential Specialist
Phoenix Award, Active Life
Million Dollar Club, Active Life
National Top Dozen Award

p.s.
SELLERS!
Planning to sell your home in the next few months? Simply choose [My House Value] and fill out the requested information. I will use comparable sold listings to help you calculate the fair market value of your home without obligation.

BUYERS!
Automatically receive personalized MLS listings by e-mail. Early each morning I will search the local MLS and find the homes that match your criteria and notify you immediately with the latest listing information!! Simply choose www.updatedlistings.com and fill in the requested information. Or, search for yourself at [Company Listings] |


My Realty Agent, Re/Max Around Atlanta


Homes in Dallas Ga, Hiram Ga, Marietta Ga, Acworth Ga, Douglasville Ga and Around Atlanta,GA



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