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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$675,000

1266 W Portico, Oro Valley

Beautiful single story home, located in the desirable, quiet gated community of Vistoso Gateway. This former AF Sterling model features a split floor plan and has incredi...

  • Beds4
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  • Courtesy ofLong Realty Company

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$329,000

10530 N Camino Rosas Nuevas, Oro Valley

Empty nesters - and ready to move! In the heart of Oro Valley! Stunning Views of Pusch Ridge, across from River Front Park, close to shopping, schools, and convenient to ...

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$310,000

10300 N Bald Head, Oro Valley

RARE find in gated Villages of La Canada in the heart of Oro Valley. Cul-de-sac location means no neighbors to the immediate rear allowing mountain views to abound! Beaut...

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  • Courtesy ofRedfin Corporation

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$292,000

2292 E Ram Rock, Oro Valley

Perhaps the best lot in Rams Pass with no neighbors behind and unobstructed view of Catalina Mountains. Enclosed backyard with covered patio, gas fire-pit, sitting walls....

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$271,000

11867 N Desert Slopes, Oro Valley

Beautifully remodeled home in established Copper Creek neighborhood. Home boasts new hard surface flooring, new interior paint, new kitchen granite, sinks and faucets, ne...

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$1,695,000

419 W Tortolita Mountain Unit #354, Oro Valley

Timeless traditional contemporary in one of Arizona's finest developments, The Stone Canyon Golf Club. Arrive thru the long winding driveway lined with lush landscaping t...

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  • Courtesy ofLong Realty Company

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$359,000

190 E Brearley, Oro Valley

Move- in ready Pepper Viner home in the conveniently located Rivers Edge community. This well maintained home features an open floor plan with hard surface flooring throu...

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  • Courtesy ofLong Realty Company

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$1,195,000

12225 N Camino Del Plata, Oro Valley

Stunning 5 bedroom, 5 bath, 5 car mini-ranch, hacienda estate with 6,223 sq. ft. on 3.65 desert acres, with horse facitilies, city and Tortolita Mountain views. Circular...

  • Beds5
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$265,000

10241 N Wild Turkey, Oro Valley

This is the home you've been waiting to find and it won't last long! Views with plenty of privacy and on the golf course with no golf balls in your yard! This beautiful m...

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  • Courtesy ofExp Realty

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$1,399,000

931 W Tortolita Mountain, Oro Valley

Simply Magical! Enjoy unobstructed and panoramic views of 4 mountain ranges, Tucson's city lights, sunrises and sunsets! Stunning private, enchanting estate on 4.12 acres...

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  • Courtesy ofLong Realty Company

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$495,900

1263 W Portico, Oro Valley

Range Priced-Seller will entertain offers between 495,900-524,900 Eloquently appointed hm.w/Mtn. views in desirable gated Oro Valley community. A courtyard entry adds arc...

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  • Courtesy ofLong Realty Company

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$350,000

13510 N Piemonte, Oro Valley

Striking 4BD/3BA (2,839 SF)+ loft contemporary home in the heart of Oro Valley boasts Pusch Ridge views. Gated front courtyard with archway leads to an impressive main le...

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$333,900

355 W Ajax Peak, Oro Valley

SPECTACULAR PUSCH RIDGE VIEWS await in this IMMACULATELY maintained 3 bedroom, 2 bathroom plus den/office home in desirable Monterra Hills. Wonderful high ceilings, open...

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  • Courtesy ofColdwell Banker Residential Br

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$725,000

12636 N Red Eagle, Oro Valley

Gorgeous contemporary rustic home featuring 4 bedroom, 3 baths, with 4,400+ sqft of living space! So many beautiful features to enjoy. Vaulted exposed beam ceilings, flow...

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$263,000

13121 N Deergrass, Oro Valley

This Oro Valley one-story offers an in-ground pool, a kitchen island, an outdoor barbecue, and a two-car garage.

  • Beds3
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  • Courtesy ofOpendoor Brokerage, Llc

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$379,900

10800 N Eagle Eye, Oro Valley

Enter this home and the first thing you see are the soaring ceilings, open floor plan & amazing views of the golf course & Catalina mountains. 2 ''master suites'' w/ easy...

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1580 E Sonoran Desert, Oro Valley

Immaculate Move-In Ready La Reserve residence: Secluded, stylish, contemporary, southwest personality. Located near end of cul-de-sac, nestled into a bluff, in desirable ...

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  • Courtesy ofOmni Homes International

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$305,000

11460 N Palmetto Dunes, Oro Valley

Life doesn't get much better than being able to enjoy the beauty of Pusch Ridge from your back porch. This 2002 square foot, Canada Hills home overlooks the golf course a...

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  • Courtesy ofColdwell Banker Residential

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$425,000

10790 N La Quinta, Oro Valley

This Oro Valley two-story home offers a spa and in ground pool, gas fireplace, kitchen breakfast bar, island, master bathroom separate tub and shower, covered patio, and ...

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  • Courtesy ofOpendoor Brokerage, Llc

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$325,000

2327 E Montrose Canyon, Oro Valley

Owner/Agent DON'T miss out on this Amazing opportunity to own this Beautifully updated 2 bed, 2 bath home W/Den and open floor plan in the coveted Sun City Community. Too...

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  • Courtesy ofTierra Antigua Realty

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