What is Mortgage FICO Score?

The credit score you see on most apps is usually your consumer score. Did you know when buying a home lenders look at a different score called the 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐅𝐈𝐂𝐎 𝐒𝐜𝐨𝐫𝐞, which is often lower.

Brittney Fleischman @loansbybrittney is going to give you tips to help you improve your credit.

𝐊𝐞𝐞𝐩 𝐂𝐫𝐞𝐝𝐢𝐭 𝐔𝐬𝐚𝐠𝐞 𝐋𝐨𝐰: Use less than 20% of your credit limit. For example, if your limit is $20,000, try to use $4,000 or less.

𝐏𝐚𝐲 𝐎𝐧 𝐓𝐢𝐦𝐞: Always make your payments on time. Avoid collections, as they are hard to fix.

𝐊𝐞𝐞𝐩 𝐨𝐥𝐝 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐎𝐩𝐞𝐧: Having old credit accounts open and in good standing shows you are reliable.

💡 Know Your Score:

𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐒𝐜𝐨𝐫𝐞 Typically used for buying cars and other consumer loans. This score might be higher and more flexible.

𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐅𝐈𝐂𝐎 𝐒𝐜𝐨𝐫𝐞: Specifically used for home buying. This score is usually lower and more conservative, so it's crucial to understand and improve it if you're planning to buy a house.

Credit can be tricky, but we're here to help! If you need advice on improving your score, just reach out to Brittney with @dream_home_lending , our trusted lender partner, for more information.📈

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