Home | List of Articles | Submit an Article | Contact Us

Landlords Dance The FICO Fandango

Fair Isaac Corporation is the creator of the FICO credit score that is used today by most lenders to evaluate consumer credit risk. FICO scores range from a poor credit low of 500 to a best credit rating of 850.

The higher the FICO score the lower the interest rates offered by most lenders. For example here is a look at how FICO scores might affect a $150,000 30-year, fixed rate loan:

Score Interest Payment
720-850 5.64% $865
700-719 5.77% $877
675-699 6.30% $929
620-674 7.45% $1,044
560-619 8.53% $1,157
500-559 9.29% $1,238
Rates change frequently, but you can check the dailyaverage at myfico.com.
Fair Isaac has extended its FICO score to cover anexpanded population base. This expanded FICO coveragewill tap into non-traditional sources of consumer datato assess the credit risk of adults who have minimalor no credit history on file - such as recent immigrants, people with low incomes, recent widows and divorcees, and young people.
The company has tapped into non conventional ways ofestablishing credit scores. People pay rent, theypay catalog companies when they order something,they pay back payday loans -- there are various wayspeople show financial responsibility and Fair Isaacwill now be gathering that information to help determine FICO scores.
An estimated 160 million Americans have documentedcredit histories adequate for calculating classicFICO credit scores. An estimated 50 million consumers do not. Now that will change.
For real estate investors and landlords this means that we should be able to find a few more credit worthy buyers and renters than in the past.
http://digbig.com/4cmxd
About The Author
Mark Walters is an investor and author. You can find hispublished material at http://www.CashFlowInstitute.comhttp://cfiblog.blogspot.com/

Do You Need to Download a Landlord Inventory On-Line Today? - Are you looking for the cheapest Landlord Insurance for your investment property? Finding the best landlord insurance does not have to be difficult providing you know exactly what you are looking for. As a landlord, conscious of cashflow, it can be very tempting to opt for the cheapest policy. This is not always b ...

What Are Your Landlord's Responsibilities? - Curious about what exactly your landlord is responsible for? Here's a list of things your landlord can and cannot do. According to law, you landlord must... (a) make sure that your house or apartment complies with all building, housing and health codes that significantly affect your health and safety. If you feel your landlord is not ...

Need a Landlord Inventory On-Line Today? - Do you need to download a Landlord Inventory on-line now? Why is it so important to have a Landlord Inventory? Firstly, if you are a landlord, you need to be prepared. As much as we all like to think we can trust everyone, it is very important that buy to let landlords protect their investment property as thoroughly as possible. Having a landlor ...

Is it time to stop filling your Landlord’s Wallet? - Is it time to stop filling your Landlord’s Wallet? As a renter, you are subject to the whims of your landlord. They work at their own pace, and improve their property as they see fit. You have no control over the property that you reside in. Do your floors need to be resurfaced or your carpets replaced? Sit around and wait for your landlord ...

Nobody Loves A Landlord - The typical landlord starts off life as a light hearted real estate investor. The investor is brimming with enthusiasm and is determined to acquire some single family homes that will be attractive to renters... and start down the road to financial independence. Then... Wham! Reality smacks them right in the ...

Hey Landlord ! Is Your Lease Legal? - The typical landlord starts off life as a light hearted real estate investor. The investor is brimming with enthusiasm and is determined to acquire some single family homes that will be attractive to renters... and start down the road to financial independence. Then... Wham! Reality smacks them right in the ...

For a Complete list of Articles with summaries Click Here