Understanding Your Credit Report and FICO Scores

Your FICO score is one of the most important factors in obtaining a bad credit mortgage. You should know the following information regarding FICO scores:

1. A FICO score is a standardized ranking generated by the three credit reporting agencies, based on your credit history. To make the process fair for everyone involved, lenders primarily use the middle FICO score to determine which loans and rates you will qualify for. The formula used to compute the FICO score is not discloses by the credit bureaus. Nobody knows how it is configured and what a borrower can do to enhance their score. However, Birmingham Bancorp Mortgage may know of a few things that may help. Please ask us how.
   
   
2. Typically, the better your credit is, the higher your FICO score will be. A higher score usually enables a borrower to qualify for more programs and obtain a lower rate.
   
   
3. A core of 700 or greater is outstanding and your loan choices are nearly unlimited. A score of 620 or better is a little more confining. If you have a FICO score of 620 or less, you may have a difficult time finding answers to your mortgage needs. But don't despair at Birmingham Bancorp Mortgage we make loans for borrowers with low FICO scores. We approve borrowers with FICO scores as low as 500, sometimes even lower. Chat with a Loan Officer Now! And find out what your FICO score is for FREE.
   
   
4. It is possible to correct errors in your credit report, though it does take time and effort. One can use the Fair Credit Reporting Act to improve ones FICO score. Ask us how!
   
   

Birmingham Bancorp Mortgage is the nation's expert for bad credit mortgages and low FICO score mortgage loans. We also have low rates for home loans that we DO NOT use FICO scores in the approval process.

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