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

property image

$1,295,000

11136 N Calamondin, Oro Valley

Exquisite in EVERY way! Words simply cannot do this one of a kind and truly sensational property justice-- it really is that fabulous. Situated on a hilltop lot in centr...

  • Beds4
  • Baths4
  • Courtesy ofLong Realty Company

property image

$875,000

13993 N Stone Gate, Oro Valley

Luxury living in guard gated Stone Canyon. TURNKEY, fully furnished and ready to go. This 3 Bd/3 BA/DEN sits on over 1 private Acre. Luxurious great room, formal dining ...

  • Beds3
  • Baths3
  • Courtesy ofColdwell Banker Realty

property image

$365,000

12530 N Lantern, Oro Valley

Estate Sale. Well maintained, 4 bd/2bth Home located on a highly desirable Premium lot with stunning views of The Santa Catalina Mts and adjacent to Natural, open, unobs...

  • Beds4
  • Baths2
  • Courtesy ofTierra Antigua Realty

property image

$650,000

13804 N Como, Oro Valley

Stunning custom home on 4.3 ACRES! Private, serene & quite obviously the home of an artist. Classic sante fe home tastefully done with so much charm. Attached guest quart...

  • Beds4
  • Baths4
  • Courtesy ofLong Realty Company

property image

$310,000

2326 E Gerbera, Oro Valley

Welcome to Sun City...Enjoy great Catalina Mountain views from this 1499 sq.ft. Sonoran Model...2 bedroom, 2 bath, split floor plan, open, lots of light with screened- in...

  • Beds2
  • Baths2
  • Courtesy ofColdwell Banker Realty

property image

$849,900

12606 N Vistoso View, Oro Valley

Spectacular mountain and city views are front and center in this custom 1+ acre retreat. The Great Room features a Window Wall which allows you and your guests to seamles...

  • Beds3
  • Baths3
  • Courtesy ofLong Realty Company

property image

$646,000

2401 W Crow Wash, Oro Valley

Situated on a 1 acre lot in Chaparral Heights Oro Valley this beautiful home offers spectacular Catalina Mountain views as well as twinkling city lights at night. Watch t...

  • Beds4
  • Baths3
  • Courtesy ofLong Realty Company

property image

$240,000

13200 N Classic Overlook, Oro Valley

Move in ready home with fresh paint and new flooring. East facing backyard with unobstructed mountain views. Privacy with no neighbors behind. Two bedroom with spacious d...

  • Beds2
  • Baths2
  • Courtesy ofRe/Max Results

property image

$280,000

13414 N Vistoso Bluff, Oro Valley

Fantastic Ranch style home with soaring ceilings, beautiful tiled floors, ceiling fans, soothing palette, window blinds, & open floor plan. Cozy family room fireplace w/p...

  • Beds3
  • Baths2
  • Courtesy ofKeller Williams Southern Arizona

property image

$365,000

14321 N Choctaw, Oro Valley

Wonderful Crown Point Model in Sun City Oro Valley. Kitchen with Slab Granite Counters, Undermount Sink, French Door Refrigerator & Breakfast Bar. Sunny Breakfast Nook wi...

  • Beds2
  • Baths2
  • Courtesy ofLong Realty Company

property image

$325,000

13146 N Player, Oro Valley

Beautiful single story former model home with decorator details on cul-de-sac. 3 bedrooms 2 bathrooms plus an office. Open kitchen features tons of cabinets, built-in des...

  • Beds3
  • Baths2
  • Courtesy ofLong Realty Company

property image

$360,000

12944 N Salt Cedar, Oro Valley

Breathtaking Mountain Views! Sparkling heated plunge pool & spa, built-in BBQ, & covered paved patio. An entertainer's dream backyard setting. Stunning chef's kitchen fea...

  • Beds3
  • Baths2
  • Courtesy ofKeller Williams Southern Arizona

property image

$288,500

2379 E Nasturtium, Oro Valley

Nestled on a Lovely Street, in the Gently Rolling Hills of Sun City, Oro Valley, this Very Special 2 Bedroom 2 Bath, with Office, Sabino Model Home Has So Much to Offer: ...

  • Beds2
  • Baths2
  • Courtesy ofUnique Homes Realty Inc

property image

$325,000

2256 E Stone Stable, Oro Valley

Come see this beautiful modern 3 bedroom with a den in the desirable Rams Pass subdivision! This great open floor plan features 10ft ceilings with recessed lighting in th...

  • Beds3
  • Baths2
  • Courtesy ofRe/Max Select

property image

$600,000

13026 N Eagles Summit, Oro Valley

Come visit Lennar's most popular 'Aurora' model in the community of Eagles Summit, located in the heart of Oro Valley. Backing to to open space near Hohokam park, this lo...

  • Beds4
  • Baths3
  • Courtesy ofLong Realty Company

property image

$314,900

10327 N Mineral Spring, Oro Valley

Situated in the sought after, gated community of The Villages of La Canada. This beautiful, updated home lies in the heart ofOro Valley. High ceilings and tons of light w...

  • Beds4
  • Baths3
  • Courtesy ofTierra Antigua Realty

property image

$850,000

13504 N Silver Cassia, Oro Valley

This stunning turn-key home in the highly desired gated community is located on a prime lot with east facing uninterrupted views of the Catalina mountains from the covere...

  • Beds4
  • Baths3
  • Courtesy ofKeller Williams Southern Arizona

property image

$290,000

11751 N Dragoon Springs, Oro Valley

This Beautiful home in Copper Creek II has breath taking views of the Catalinas from the family room. Amazing corner lot, beautiful back yard with a very nice pool! Corne...

  • Beds3
  • Baths2
  • Courtesy ofTierra Antigua Realty

property image

$1,250,000

1550 W Aero Star, Oro Valley

Private paradise w/authentic southwestern ambiance. 5,423sf Old World Charm 5BR/8BA Hacienda on 6.93 acres in La Cholla Airpark w/horse facilities & 1,305sf guest home su...

  • Beds5
  • Baths8
  • Courtesy ofLong Realty Company

property image

$399,900

1081 W Antelope Creek, Oro Valley

Remodeled 4 BR + Den home in Copper Creek! New HVAC system in 2020, new tile and carpet throughout, new interior/exterior paint, new granite countertops, and more. Relax ...

  • Beds4
  • Baths3
  • Courtesy ofTierra Antigua Realty

The data relating to real estate listings on this website comes in part from the Internet Data Exchange (IDX) program of Multiple Listing Service of Southern Arizona. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listings provided by brokerages other than our office are identified with the MLSSAZ IDX Logo. All Information Is Deemed Reliable But Is Not Guaranteed Accurate. Listing information Copyright 2020 MLS of Southern Arizona. All Rights Reserved.