Scoring your Credit – How’s your FICO?

Before buying a home in the Pensacola, Florida area, it is crucial to make sure that your credit is in good condition. The first step in doing so is to learn how your credit score is determined.

In today’s increasingly automated society, it should come
as no surprise that when you apply for a mortgage, your ability to pay can be
reduced to a single number. All the years you’ve been paying your mortgage, car
payments, and credit card bills can be analyzed, sliced, diced, spindled and
mutilated into a single indicator of whether you’re likely to meet your future
obligations.

Improving your Credit Score

One of the most crucial steps to take before buying a home is establishing or improving your credit score. A credit score is a statistical method to determine the likelihood of an individual paying back the money he or she has borrowed.