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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$275,000

10441 N Autumn Hill, Oro Valley

Check out this Oro Valley Gem right in the heart of town. Walking distance to shopping , restaurants, walking and bike trails. Oro Valley recreation center is just around...

  • Beds3
  • Baths3
  • Courtesy ofLong Realty Company

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$525,000

12691 N Rock Creek, Oro Valley

This Oro Valley beauty has UPGRADES GALORE!! There are TOO MANY to list!! The 3 bedroom 2 bath home comes w/ a 1 bedroom 1 bath casita!! You'll find a 3-car garage wit...

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  • Courtesy ofTucson's Tlc Realty

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$205,000

1500 E Pusch Wilderness Unit #3105, Oro Valley

Move-in Ready, immaculately maintained unit in the Boulders at La Reserve. Lower level unit in prime location near pool and extra parking. Wood grain plank flooring, cust...

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  • Courtesy ofRedfin Corporation

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$455,000

8801 N Shadow Mountain, Oro Valley

(Seller will accept or counter offers between $455,000 - $475,000) Do you love homes with a bit of history? It's said that the developer of Shadow Mountain Estates built ...

  • Beds4
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  • Courtesy ofLong Realty Company

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$679,900

12655 N Yellow Bird, Oro Valley

Spectacular semi-custom 5BD/3BA (3,540 sq ft) contemporary on premium lot boasts a resort style yard with mountain & sunset views. Highly upgraded home features a custom ...

  • Beds5
  • Baths3
  • Courtesy ofLong Realty Company

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$525,000

11817 Mountain Laurel, Oro Valley

Unbelievably beautiful turn-key home on expansive lot with pool in the heart of Oro Valley! Come be impressed by this stunning 4 bedroom plus den with open plan & 3 car g...

  • Beds4
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  • Courtesy ofRedfin Corporation

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$355,000

12913 N Meadview, Oro Valley

Walk into the Rancho Vistoso community, find this house, and call it home. Featuring 4 bedrooms/ 3 baths, 2 car garage, conventional pool, spa, and plenty of space - this...

  • Beds4
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  • Courtesy ofLong Realty Company

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$359,900

1451 W Red Creek, Oro Valley

Welcome to Verde Ranch... a neighborhood that reflects pride of ownership. This home has a spacious and thoughtful floorplan. The large and open living area also has an...

  • Beds4
  • Baths2
  • Courtesy ofThe Nordstrom Group, Inc

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$319,900

2263 E Montrose Canyon, Oro Valley

Clean and crisp , move-in ready Sun City home with Great Room Concept awaits you! This 2 bed 2 bath+ den home shines with it's Rogo Concrete Overlay floors throughout. E...

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  • Courtesy ofExp Realty

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$795,000

14515 N Shaded Stone Unit #247, Oro Valley

Immaculate & Meticulously Cared For Home In Tuscan Estates. Nestled against the ridge providing beautiful mountain, city and sunset views. Comfortably designed spaces - ...

  • Beds4
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  • Courtesy ofLong Realty Company

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$675,000

11837 N Luzon, Oro Valley

This beautiful home sits on a 1/2 acre lot in a Gated Community nestled in Oro Valley with Desert and Mountain views. The open and spacious floor plan offers over 3,000 s...

  • Beds3
  • Baths4
  • Courtesy ofHomesmart Advantage Group

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$599,000

10991 N Delphinus, Oro Valley

Gorgeous 4 BD/4BA, 2 story 3610 Sq. Ft. home near everything in Oro Valley features a Wide Open Floor Plan w/Spacious Kitchen, Walk-In Pantry, Huge Center Island w/Breakf...

  • Beds4
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  • Courtesy ofLong Realty Company

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$265,000

2326 E Precious Shard, Oro Valley

VIEWS!! from the back patio on this beautiful open concept 3BR/2BA upgraded home in Rancho Vistoso. Ceramic tile flooring throughout living areas. Open great room and k...

  • Beds3
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  • Courtesy ofLong Realty Company

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$312,500

205 W Ashley Canyon, Oro Valley

Start with a new HVAC system (2019) add a completely remodeled and re-imagined kitchen (2016) then add new tile floors (2016). Love to cook? The 87'' Cambria Bradshaw Q...

  • Beds4
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  • Courtesy ofLong Realty Company

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$408,000

11862 N Mesquite Hollow, Oro Valley

This Beautiful, updated home rests in the heart of Oro Valley. Conveniently located near schools, shopping, restaurants, parks and more. Sit outside year round and enjoy ...

  • Beds4
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  • Courtesy ofTierra Antigua Realty

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$460,000

14630 N Chalk Creek, Oro Valley

Gorgeous Pacifica model has been recently remodeled throughout! Contemporary 2BD/2BA (1,750 sq ft) home in Sun City Oro Valley boasts large, open living spaces, new LVP f...

  • Beds2
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  • Courtesy ofLong Realty Company

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$338,000

13737 N Carlynn Cliff, Oro Valley

Move-in-Ready! This 1 story, 3BR + den, 2 bath home in the GATED Rancho Vistoso neighborhood. New low-care maintenance landscaping and sparkling pool! Wrought iron fence ...

  • Beds3
  • Baths2
  • Courtesy ofHomesmart Advantage Group

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$339,000

1001 W Eagle Look, Oro Valley

Just the home you've been waiting for... located in the gated community of The Villages of La Canada in Oro Valley. Our light & bright family friendly home has mountain v...

  • Beds3
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  • Courtesy ofKeller Williams Southern Arizona

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$465,000

9655 N Golden Sun, Oro Valley

This former model home is located in the exclusive gated community of Sunstone Estates. Beautifully upgraded & just a short golf cart ride from Oro Valley Country Club yo...

  • Beds3
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  • Courtesy ofTierra Antigua Realty

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$355,000

1301 W Vinovo, Oro Valley

**Oro valley jewel** hard to find !! Elegant pulte quality built home in the hidden enclave of ''monticello @ ranch vistoso'' open floor plan offers plenty of living spa...

  • Beds4
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  • Courtesy ofLong Realty Company

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