#CreditScore
Most are familiar with and possibly fear the letters FICO. Your FICO credit score can make or break a deal. Fair Isaac and Company produces the FICO scores and will soon be making some changes to how that score is calculate.
1. They will no longer include failure to pay a bill IF the issue has been resolved. That is a BIG IF.
2. Unpaid medical bills will still be considered but will not weigh as heavily as in the past.
These changes are coming as a means to stimulate consumer lending came out of discussions between Fair Isaac, the Consumer Financial Protection Bureau and lenders.
Also on the financial front....
The Federal Reserve has also released a report on the Economic Well-Being of U.S. Households.
Regarding financial stability:
1. Over 60% reported doing okay or living comfortably
2. 25% said they were just getting by
3. 13% said they were struggling
Regarding renting versus buying:
1. 45% rent because they can not afford the down payment
2. 29% were unable to qualify for a mortgage
3. 10% of renters are currently in market to buy
Regarding credit availability:
1. 31% have applied for some type of credit in the past 12 months
2. 33% who applied for credit were turned down
3. 19% never applied because they thought they would be turned down
Please feel free to contact our In-house experts at Riverwood Financial to find out about lending options and expectations:
Mike Miller
317-558-7719
mmiller@riverwoodfg.com
or
Gary Wiersema
317-594-4968
gwiersema@riverwoodfg.com
You can also go to their website HERE
#realestate #mortgage
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