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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$389,900

10156 N Inverrary, Oro Valley

Super clean home, tremendous views form the yard and master deck. Big Kitchen, Family room, great room, formal living and dining. Guess room and bath down stairs. Pool is...

  • Beds4
  • Baths3
  • Courtesy ofLong Realty Company

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$350,000

505 W Potosi Point, Oro Valley

Beautifully maintained home with 3 bedrooms, 2 baths plus den with a sparkling pool and spa backing to open space and views of the mountains. Very private elevated lot an...

  • Beds3
  • Baths2
  • Courtesy ofTierra Antigua Realty

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$355,000

192 E Brearley, Oro Valley

Spacious open floor plan with great room concept. High ceilings, mountain views in wonderful Rivers Edge located in Oro Valley. 5 bedroom home plus loft! Master suite w...

  • Beds5
  • Baths3
  • Courtesy ofLong Realty Company

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$400,000

10060 N Alder Spring, Oro Valley

Charming 2 bedroom plus den/office, 2 bathroom home on a high view lot in guard gated La Reserve with Pusch Ridge views. This beautifully maintained home has Mexican til...

  • Beds3
  • Baths2
  • Courtesy ofRuss Lyon Sotheby's Int Realty

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$299,900

977 W Cork Oak, Oro Valley

Upgraded & Move-in ready Pulte built home in desirable Rancho Vistoso. This 4 BD/2 BA/1,928 SQ.FT home sits on a large .24 acre cul-de-sac lot. Diagonal set tile floors t...

  • Beds4
  • Baths2
  • Courtesy ofLong Realty Company

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$580,000

1525 W April Blossom, Oro Valley

Contemporary home built by AF Sterling. 16 home gated community. Large .33 corner lot. Beautiful stone driveway, patios, walkways & exterior walls. 3 car garage w/rustic...

  • Beds3
  • Baths3
  • Courtesy ofTierra Antigua Realty

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$298,000

14130 N Buckingham, Oro Valley

Don't miss this Sun City Oro Valley Crescent model with 1,645sf, 2BR/2BA + den & bonus/office/craft room. Kitchen has oak cabinets w/ceramic tile backsplash. Dining area ...

  • Beds2
  • Baths2
  • Courtesy ofLong Realty Company

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$775,000

897 W Placita Luna Nueva, Oro Valley

Spacious 4BR/4BA (+den+bonus) custom home on large/private/quiet lot. Luxurious custom touches throughout, incl. knottyalder cabinets, plantation shutters & soaring ceili...

  • Beds4
  • Baths4
  • Courtesy ofAt Home Tucson Realty

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$500,000

10119 N Bighorn Butte, Oro Valley

Gorgeous LA RESERVE Beauty! AMAZING VIEWS of Catalina Mountains, Twinkling Lights & Breathtaking Sunsets are Yours with this Beautifully Upgraded Home nestled in Gated La...

  • Beds3
  • Baths3
  • Courtesy ofKeller Williams Southern Arizona

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$284,000

12864 N Yellow Orchid, Oro Valley

This beautiful home has been well maintained and is move-in ready! Newly painted garage. Over-sized master suite. Kitchen has Corian counter tops, 42 inch Maple cabinets ...

  • Beds3
  • Baths2
  • Courtesy ofExp Realty

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$700,000

13764 N Keystone Springs, Oro Valley

Stunning Custom Single Story 3,220sf 3BR+den, 3BA + 3 Car garage w/east-facing patio w/spectacular Catalina Mountain views in the private gated community at the 8th Green...

  • Beds3
  • Baths3
  • Courtesy ofLong Realty Company

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$1,799,000

2617 E Talante Canyon, Oro Valley

Outstanding and authentic Spanish Colonial home on 5.19 acres in private, gated NW community w/sweeping, unobstructed Catalina Mtn & Pusch Ridge views. Old world charm ab...

  • Beds5
  • Baths6
  • Courtesy ofLong Realty Company

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$233,000

11837 N Copper Butte, Oro Valley

Beautiful home in popular Copper Creek neighborhood. Freshly painted exterior! Formal living/dining rooms, tile entry and cozy fireplace in family room. Spacious kitche...

  • Beds3
  • Baths3
  • Courtesy ofFort Lowell Rlty & Prop Mgmt

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$424,000

204 E Brearley, Oro Valley

Splendid Pepper Viner former model home in sought after Oro Valley awaits! Top-quality finishes throughout this 5-bedroom, 3-bath, plus loft home includes gourmet kitchen...

  • Beds5
  • Baths3
  • Courtesy ofLong Realty Company

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$295,000

230 E Spring Sky, Oro Valley

2007-BUILT Dorn Home in a privately gated community with AWESOME Mountain Views! Split floorplan with 2-Bedrooms, 2-Baths. 2nd Bdrm has a built-in Murphy bed. Upgrades in...

  • Beds2
  • Baths2
  • Courtesy ofUnique Homes Realty Inc

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$469,000

1975 W Hunter, Oro Valley

This is more than just a home, it's a lifestyle choice! Situated on over an acre of horse-friendly property in the Oro Valley area, is a rare opportunity. This 3 bedroom,...

  • Beds3
  • Baths3
  • Courtesy ofTierra Antigua Realty

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$879,900

12123 N Red Mountain, Oro Valley

*Oro valley treasure** stunning custom sw contemp nestled on 1.2 acre lot in coyote ridge! Hard to find location- in the heart of ov...but totally private homesite! Incre...

  • Beds4
  • Baths5
  • Courtesy ofLong Realty Company

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$495,000

11510 Mountain Breeze, Oro Valley

Dramatic Mountain Views from this gorgeous 4 bedroom/2.5 bath home that backs to open space! This home features a highly functional split bedroom floor plan with high ce...

  • Beds4
  • Baths3
  • Courtesy ofTierra Antigua Realty

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$420,770

13199 N Weatherglass, Oro Valley

PHOTOS ARE OF MODEL HOME. Aspect plan move-in ready by April. Beautiful 1-story home w Sonoran elevation has split-bedroom plan, welcoming great room, mud room & convenie...

  • Beds2
  • Baths2
  • Courtesy ofMattamy Homes

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$457,968

220 E Ancient Pueblo, Oro Valley

PHOTOS ARE OF MODEL HOME. Aspect plan move-in ready by May/June. Beautiful 1-story home w Desert Contemporary elevation has split-bedroom plan, welcoming great room, mud ...

  • Beds2
  • Baths2
  • Courtesy ofMattamy Homes

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