Important Aspects Not Listed in Your FICO Credit Score

Not only is your FICO credit score important when it comes to buying a house, but it is also important when it comes to qualifying for any other large financial plans. Although there are many other scores that can be considered, the FICO credit score is used in more than 90 percent of lending decision in the United States. Just as important as knowing what is included in your credit score, it is also important to know what’s not in your FICO score. Some things that are not included in your FICO credit score include:

  • Your color, race, religion, sex, national origin, and marital status. Including these factors into your credit score is prohibited by U.S. law. Any receipt of public assistance or any other consumer right under the Consumer Credit Protection Act is also prohibited from being listed.
  • Your age. Although some other types of scores include your age, the FICO credit score does not.
  • Your occupation, salary, employer, title, employment history, or date employed. Although your lender may ask for this information, as well as other scores, it is not included in the FICO credit score.
  • Where you live. This is not included in your FICO credit score, though it may be asked by your lender.
  • Any interest rate that is being charged on a specific credit card or any other credit account.
  • Any items that are reported as family or child support obligations or other rental agreements.
  • Certain requests for your credit report. These requests include consumer initiated requests, promotional requests, administrative requests, or employer requests.
  • Information about if you are participating in any type of credit counseling.

For all of your lending needs, contact the lending experts at Avis Lending. We can help you get your FICO credit score to where it needs to be to purchase a new property.

 

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