FICO- kinda know what this means, but did you know that it stands for “Fair Issac Corporation” ? It’s a record of your credit worthiness and it’s changing.

It’s a scale from 0 to 850. You need a score of 500 to qualify for a FHA loan. Anything below 670 is considered “sub-prime” ( Remember that word ?) Your FICO score has traditionally been based on your re-payment of past debts. Now , they are changing it to include your bank balances, including money markets. If you have a couple of dings in your credit history, but your checking account has been as pure as the driven snow, you could boost your score by 20 points. Which can mean a world of difference in what loan you qualify for-thus your monthly payments. Talk to your lender, or ask me to refer you to one