Understanding Credit Ratings


Credit scoring uses data from any leading Understanding Credit Ratinscredit repository - Equifax, Trans Union, or Experian to measure the borrower's default risk. Scoring involves measuring hundreds of variables. A credit score, known as the FICO score, is generated using a computer program designed to analyze credit data and measure a borrower's default risk.

According to Fair, Isaac and Co. Inc. the FICO score reviews the following items in computing a score:

  • Payment patterns on various accounts, such as credit cards, retail accounts, installment loans, mortgage loans.

  • Number of existing credit cards.

  • Open or active accounts, their type, the length of time credit has been available, and credit levels.

  • Current indebtedness level and its relation to available credit.

  • Credit performance, including the number and severity of late payments.

  • Number of recent inquires or attempts to get new credit.

Tips for Cleaner Credit

Do the following before your start looking at homes.

Don't let stores run credit checks for new accounts. (Lenders who see several recent credit checks are often concerned that borrowers may take on additional debt soon after the mortgage is signed.)

Don't open new credit cards or increase credit limits.

Do pay all credit card bills on time.

Do review your credit report for errors.

Do not close unused credit card accounts, especially the oldest cards.  The history helps to illustrate a lengthy credit history.  Your lender can determine if any credit accounts need to be closed to improve your credit score.

Don't co-sign any loans.

Adapted from "Help Borrowers Understand Credit Scoring," Jerry DeMuth, REALTOR® Magazine

 

Newest Oro Valley Homes for Sale

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$879,000

13355 N Como, Oro Valley

Rustic custom home build on over 5 acres of horse property with panoramic mountain view. The home has 2 masters which would make the perfect in law suite and 3 full bathr...

  • Beds5
  • Baths3
  • Courtesy ofOliver Realty, Llc

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$475,000

13843 N Maxfli, Oro Valley

This elegant home is located in Fairfield Rancho Vistoso, a gated community in Oro Valley. As you enter the property you will walk through a custom arch way that leads yo...

  • Beds3
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  • Courtesy ofLong Realty Company

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$1,050,000

1342 E Placita Meseta Dorada, Oro Valley

Spectacular SW contemporary w/wrap around Mtn, Sunset & some City views. Arched entries, domed hallways & dramatic high ceilings are found throughout. Impeccably maintain...

  • Beds4
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  • Courtesy ofTierra Antigua Realty

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$350,000

14299 N Copperstone, Oro Valley

DON'T MISS THE 360 WALK THROUGH VIRTUAL TOUR ATTACHED (Under Photos)!  Welcome to Sun City, one of Oro Valley's most exclusive Age Restricted Communities. This 2-be...

  • Beds2
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  • Courtesy ofLong Realty Company

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$1,200,000

1215 W Weathered Stone, Oro Valley

Stunning custom estate in the exclusive guard gated community of Stone Canyon boasts panoramic mountain and city light views from private observation deck. Situated on on...

  • Beds4
  • Baths4
  • Courtesy ofLong Realty Company

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$473,900

11450 N Silver Pheasant, Oro Valley

Photos coming soon. This dazzling 4 bedroom, 3 bathroom home with wood floors has a bonus room that's perfect for a home office! The kitchen boasts an island and sleek ap...

  • Beds4
  • Baths3
  • Courtesy ofZillow Homes, Inc

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$450,000

1570 E Chisholm, Oro Valley

VIEWS Galore!! Sun City beauty sited on an elevated corner lot! Paver courtyard entrance! Updated w/ quality finishes & details throughout. Stylish & functional kitchen ...

  • Beds2
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  • Courtesy ofRealty Executives Arizona Territory

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$899,000

13934 N Steprock Canyon, Oro Valley

Stunning Rancho Vistoso residence in gated 14-home upscale community. Open & bright great room style w/split floorplan. 3,377 SF: 3BD,4BA +Den. 3-car garage one bay used ...

  • Beds3
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  • Courtesy ofRuss Lyon Sotheby's Int Realty

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$399,000

2388 E Spring Pioneer, Oro Valley

Looking for PRIVACY and VIEWS? Stunning home is an entertainers dream with a huge backyard oasis! Enjoy gorgeous Catalina Mountain views from your sparkling heated pebble...

  • Beds3
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  • Courtesy ofColdwell Banker Realty

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$525,000

1381 E Sonoran Desert, Oro Valley

17'to 22'feet dramatic high, and open ceilings allow in natural lighting and amazinq mountain views in thisvery well maintained home in the qated La Reserve Community. Co...

  • Beds3
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  • Courtesy ofColdwell Banker Realty

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$850,000

11103 Joy Faith, Oro Valley

Sophisticated Oro Valley living in this stunning and well-kept SW Contemporary on 3/4 acre lot. Amenities: split floor plan, polished concrete floors, upgraded tile and ...

  • Beds3
  • Baths3
  • Courtesy ofLong Realty Company

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$849,000

897 W Placita Luna Nueva, Oro Valley

Just listed in Oro Valley's desired Moonridge community! Spectacular 4BR/4BA (+den+bonus) custom home on large/private/quiet lot. Luxurious custom touches throughout, inc...

  • Beds4
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  • Courtesy ofAt Home Desert Realty

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$475,000

72 E Brookdale, Oro Valley

Exclusive Mountain Views from Primary Bedroom balcony in the heart of Oro Valley. Come enjoy your next home. This wonderful Rancho Vistoso Family home has 5 bedrooms, 3 f...

  • Beds5
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  • Courtesy ofKeller Williams Southern Arizona

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$320,000

1190 W Coblewood, Oro Valley

This fabulous 4-bedroom 2.5 bath home is in the desirable gated community of the Villages of La Canada. Upon arrival, you will walk into the bright and freshly painted in...

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  • Courtesy ofColdwell Banker Realty

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$365,000

10768 N River Point, Oro Valley

Seller will accept or counter offers between $365,000 and $385,000Located in the heart of Oro Valley fully updated on a HUGE cul-de-sac lot, w/ pool & impressive mountain...

  • Beds4
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  • Courtesy ofColdwell Banker Realty

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$380,000

2365 E Agapanthus, Oro Valley

Welcome to retirement living at its finest in this active Sun City Community! Your 3 bedroom, 2 bath, 1689 Sq ft home has been freshly painted inside and is move in ready...

  • Beds3
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  • Courtesy ofTierra Antigua Realty

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$399,000

14644 N Spanish Garden, Oro Valley

Lovely Madera on large corner lot with mountain views. 1779 sq feet with 2 BR and 2 BA. This home is light and bright with an open feel. Newer laminate plank flooring and...

  • Beds2
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  • Courtesy ofLong Realty Company

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$399,900

11272 N Platte, Oro Valley

Extremely Private Monterra Hills Home with Catalina Mountain Views. Bright Kitchen with Maple Cabinets, Gas Range & Pantry. Sunny Breakfast Nook with Bay Windows. Open Fa...

  • Beds4
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  • Courtesy ofLong Realty Company

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$542,900

1170 W Coblewood, Oro Valley

Move in ready home with lots of upgrades. Man guarded gated community home in ''The Villages of La Canada'', sits on a beautiful lot with 5 beds and 2 full bath and one t...

  • Beds5
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  • Courtesy ofRealty Executives Arizona Territory

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$850,000

11735 N Vista Del Sol, Oro Valley

Spectacular home with guest house located on an expansive 4.68 acre lot featuring Catalina mountain and sunset views. Thoughtful split floorplan designed around a central...

  • Beds4
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  • Courtesy ofExp Realty

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