The writer is a Vancouver mortgage broker who specializes in bad credit mortgage applications.
Most credit reports today include a credit score-a numeric rating of the applicant’s overall credit history. Several companies produce credit scores, each with its own proprietary formula for calculating the score. Many factors are considered in arriving at a score. Fair, Isaac and Company (the term FICa comes from its name) states that the factors used to score people are as follows:
• What is their payment history? Roughly 35 percent of score.
• Do they owe too much? 30 percent of score.
• How established is their credit? 15 percent of score.
• Do they have a “healthy” mix of credit? 10 percent of score.
• Are they taking on more debt? 10 percent of score.
A person’s score also may be affected by repeated applications for credit, though the model treats multiple inquiries in a short period of time as a single inquiry, to avoid penalizing consumers for shopping for the best rate.
Vancouver mortgage insight is provided by Duncan Seward a registered Vancouver mortgage broker with TMG. He helps clients in North Vancouver, Surrey, Vancouver, Coquitlam, Maple Ridge, Burnaby and Langley with their mortgage questions. He is an expert in BC mortgage matters. You can check out regular mortgage updates at his blog page Vancouver Mortgage Rates.