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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$550,000

1104 W Vinovo Pass, Oro Valley

Delightful Rancho Vistoso home brimming with light-filled living spaces and a bonus room off the front entry making it easy to accommodate guests, a home office, or hobby...

  • Beds3
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$554,000

1080 W Dragoon Springs, Oro Valley

Beautiful 5 BR home in Copper Creek Neighborhood at the end of cul de sac featuring an amazing and expansive low care backyard with well-maintained pool. Spacious interio...

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$680,450

11498 N Desert Calico, Oro Valley

Brand NEW energy-efficient home ready February 2023! Settle in for movie night in the second-story game room. The adjacent primary suite boasts an impressive walk-in clos...

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$627,290

11583 N Desert Calico, Oro Valley

Brand NEW energy-efficient home ready November 2022! The kids will love having their own rooms in this four-bed sprawling open-concept ranch plan. Upscale Rustic Collecti...

  • Beds4
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$525,000

1060 W Antelope Creek, Oro Valley

This Tucson two-story home offers a patio, granite countertops, and a three-car garage.This home has been virtually staged to illustrate its potential.

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$675,000

11769 N Village Vista, Oro Valley

Wonderful energy efficient Meritage home built in 2019. This Aldea model features 3 bedrooms, 2.5 baths, 3 car tandem garage, huge kitchen island and gourmet kitchen appl...

  • Beds3
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$630,000

13917 N Buckingham, Oro Valley

Spectacular 3BD/3BA (2,665 sq ft) Carrington model on corner lot in Sun City Vistoso with solar & striking mountain views. Showcasing formal/informal living, soaring coff...

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$1,995,000

602 E Silver Cloud, Oro Valley

Magical, serene AZ resort lifestyle! Striking Kevin Howard-designed contemporary with Frank Lloyd Wright flair on double lot with rock outcroppings, saguaro and panoramic...

  • Beds3
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$850,000

766 W Champions Run, Oro Valley

Beautiful Single Story Home in Heart of Oro Valley. Private Large Corner Lot, 4 Bedroom, 3 Full Bathrooms and Extra Open Room between Guest Bedrooms. Bright Open Kitchen ...

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$395,000

732 W Placita Vega, Oro Valley

Located in the desirable community of Oro Valley - close to parks, bike path, shopping, dining & golf. Lovely curb appeal & Catalina Mountain views greet you upon arrival...

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$599,000

269 W Sacaton Canyon, Oro Valley

Located in the highly sought after Rancho Vistoso community, this impeccably well maintained and move-in ready home offers an efficient 3,011 square foot floor plan, feat...

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$500,000

250 W Azmataz, Oro Valley

Seller to entertain/counter offers between $500-550k. Perfectly situated in the desirable Monterra community with scenic mountain views, this inviting home features hands...

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$1,050,000

1030 W Broken Stone, Oro Valley

Custom estate designed by architect Ron Robinette sits high on a 1 acre cul-de-sac lot in gated Canada Hills Estates offering breathtaking mountain, sunset & city light v...

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$825,000

13489 N Mariposa Lily, Oro Valley

Enjoy the breathtaking views of HoneyBee Canyon from the comfort of your home! Sitting on a premium lot in the gated Alterra at Vistoso Trails Community in Oro Valley. En...

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$425,000

10483 N Autumn Hl, Oro Valley

Welcome to this gorgeous neighborhood! Terrific 3 bedroom and 2 bath home with a 2 car garage. Enjoy preparing meals in this impressive kitchen equipped with ample cabine...

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$340,000

12230 N Sterling, Oro Valley

Welcome to this lovely Rancho Vistoso home on a corner lot with a sparkling POOL and MOUNTAIN VIEWS!! Featuring 1,350 sf., 3 bedrooms, 2 full bathrooms, a bright & open ...

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9910 N Bighorn Butte, Oro Valley

Competitively priced under appraised value for some flexibility on a rent back period! Breathtaking panoramic mountains and city views. Prime VIEW location at the very to...

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$375,000

1533 W Oak Shadows, Oro Valley

Come see this nicely appointed 3 bedroom 2 bathroom home in the desirable Canyon Shadows community with no HOA and NO POLY PIPES! You will love how close the home is loca...

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425 E Heatherglenn, Oro Valley

Looking for a home by bike lanes, parks, and surrounded by fabulous views? This lovely split floorplan home bordering the Santa Catalina Mountains is the one! Convenientl...

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$449,900

1132 E Haystack, Oro Valley

You won't want to miss out on this special Silvercreek model home in the highly desirable community of Sun City Oro Valley. With two bedrooms, two bathrooms and 1,524 squ...

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