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The Gold Leaf Award is the cornerstone of a LendingTreeâ sponsored loan officer certification program designed to recognize outstanding loan officers. The award is presented to an elite group of loan officers who have provided exemplary service to LendingTreeâ consumers.
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Credit Scores |
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Your credit scores will have a significant influence during the loan qualification process. A lender will usually run a "tri-merge" credit report for all borrowers on your loan application. The "tri-merge" takes credit information from all three national credit bureaus (Experian, Equifax, Transunion) and merges the information onto a single report. A score will be reported for each credit bureau. Most loan programs will require using either the middle score of the three reported or the lower of two scores reported. For joint applicants please note that the scores for the Primary Borrower are used. The Primary Borrower is always the person on the application who has the higher monthly income. |
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Credit Score Calculation |
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How is my Credit Score Calculated? Information Provided by MyFICO.com
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your score.
These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.
Payment History
- Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)
- Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)
- Severity of delinquency (how long past due)
- Amount past due on delinquent accounts or collection items
- Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)
- Number of past due items on file
- Number of accounts paid as agreed
Amounts Owed
- Amount owing on accounts
- Amount owing on specific types of accounts
- Lack of a specific type of balance, in some cases
- Number of accounts with balances
- Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
- Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
Length of Credit History
- Time since accounts opened
- Time since accounts opened, by specific type of account
- Time since account activity
New Credit
- Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
- Number of recent credit inquiries
- Time since recent account opening(s), by type of account
- Time since credit inquiry(s)
- Re-establishment of positive credit history following past payment problems
Types of Credit Used
- Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)
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Improving Credit Scores |
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How can I improve my Credit Scores? Remember that a credit score is based on a snapshot in time of your credit history. You can improve your scores over time and save money as a result. Call me, I'll tell you how!
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