How Your Credit Score Determines Your Mortgage Payment

Why Knowing Your Credit History Can Save You Money on Your Mortgage

Your credit score will determine what type of loan you qualify for (or, if you qualify at all). It will determine your interest rate, which determines your monthly mortgage payment - among a host of other things.

To get your FICO score along with your credit report, you will have to pay for it. When I was a loan officer, I advised clients to obtain their FICO score along with their credit report, because this is what lenders use to determine loan eligibility and terms of loan. 

What is a FICO score? It's a number lenders use to help them decide: "If I give this person a loan, how likely are they to pay it back on time?" The higher your score, the lower the risk to lenders and the better interest rate you will receive. FICO scores range from a low of 300 to a high of 850.

Tip: Order ALL 3 credit reports WITH YOUR FICO SCORE, not just one. To see why, read articles at either of the sites listed below, which is where you can also order your reports.

NOTE: Prices vary and I don't recommend one service over another. All information comes from the same database at each agency.

http://creditreport.com $24.95 for all 3 reports

http://www.myfico.com/ $44.85 for all 3 reports

FREE Credit Reports: Listed below are the names and addresses of the three major credit reporting bureaus. You can call or write and request a free report from each agency. In Georgia (where I live), residents are entitled to two free credit reports per year. Remember, free reports do not include FICO scores.

Experian
P.O. Box 2002
Allen, TX 75013
PH: 888-397-3742

TransUnion
P.O. Box 1000
Chester, PA 19022
PH: 800-888-4213

Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
PH: 800-685-1111

How to Get Your Credit Report WITH Your FICO Score Listed For Only $1

Yes, it is possible! How?

1. Go to PrivacyGuard.com: Privacy Guard is an online credit reporting and monitoring service. They send you a daily report of the activity on your file. You can receive these reports online, or via mail - it's up to you.

2. Sign up for an account: You will answer a series of questions, and be given a username and password.