FICO score is a type of credit score developed by the Fair Isaac Corporation. This value is used by lenders to define your creditworthiness, and allows them to identify good investments. Therefore, having a strong FICO score is important when you are looking to buy property.
However, do not get discouraged if you have been struggling with credit card payments. The good news is that FICO is launching a new scoring model which will take under account historical payments and yearly balances for the past two periods, among others things, granting much more information to moneylenders.
This is a good thing since it will increase millions of people's FICO scores for 20 points or more. If you make on-time monthly payments, and try to not carry high balances, you are in luck! This means you can borrow money at competitive rates.
For any and all real estate needs, contact us here!