Bad credit people in South Carolina - should know about how credit scoring is done in order to increase their chances of qualifying for a bad credit mortgage loan
Bad credit people in South Carolina know the deal…good credit score = better bad credit mortgage loan rates. But what is that magical number that puts you in the ranks where you can get a 100% mortgage loan in South Carolina even with poor credit. Some subprime lenders require a score of 580, others require 620. Our poor credit mortgage company lenders require even lower than 580. To answer the question...there is no magic number. The truth is while poor credit lenders do look at your credit score for an overall rating, they also look at everything else on your credit report and your mortgage application as well. So even though credit score is not the only thing which poor credit lenders look at while deciding on your bad credit mortgage loan application, it still is the most important factor. So for people with poor credit in South Carolina, its worth to learn more about how credit scores area calculated.
So how is your credit score calculated? The bad news is that exact details of how your credit score is calculated is very complex, not to mention extremely protected and proprietary. The good news is the credit bureaus have published a basic breakdown of credit score calculation; therefore bad credit people in South Carolina can confidently take the necessary steps to improve their credit scores. Below is a graphical breakup of how the FICO software weighs certain aspects of your credit history.