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Faith Marshall
 Julie Weaver
Debbie Holscher
John Niernberger

12772 Lodge Drive
Garfield, AR 72732
Phone: 479-359-2000
Fax: 479-359-2025
Faith: faith@beaverlakecountryrealty.com
Julie: julie@beaverlakecountryrealty.com
Debbie: debbie@beaverlakecountryrealty.com
John: john@beaverlakecountryrealty.com 

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WHAT’S A FICO®?

What is a FICO® Score?

FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.

What Kind of Score Do I Need for a Home Loan?

There are as many answers to this question as there are loan programs available. Most lenders will take the average of all 3 scores to evaluate an application. Niche loans, such as Easy Qualifier and low down payment loans will have higher FICO® requirements.

How is My Score Determined?

The FICO® model has 5 main elements:

  1. Past payment history (about 35% of score) The fewer the late payments the better. Recent late payments will have a much greater impact than a very old Bankruptcy with perfect credit since.
    Myth - paying off cards with recent late payments will fix things. Payoffs do not affect payment history.
  2. Credit use (about 30% of score) Low balances across several cards is better than the same balance concentrated on a few cards used closer to maximums. Too many cards can bring down the score, but closing accounts can often do more harm than good if the entire profile is not considered. BE CAREFUL WHEN CLOSING ACCOUNTS!
  3. Length of credit history (15% of score) The longer accounts have been open the better for the score. Opening new accounts and closing seasoned accounts can bring down a score a great deal.
  4. Types of credit used (10% of score) Finance company accounts score lower than bank or department store accounts.
  5. Inquiries (10% of score) Multiple inquiries can be a risk if several cards are applied for or other accounts are close to maxed out. Multiple mortgage or car inquiries within a 14 day period are counted as one inquiry.

How Can I Raise My Score

Your score can only be changed by the way that item is reported directly to the credit bureaus (Experian, TU, Equifax). Written confirmation from the creditor is required. It is best to make these corrections before you try to purchase a home, because you can never be sure the exact impact a change will have on your score.

What Does This Mean to Me?

You should have your credit reviewed BEFORE you look for a home, and work with a PROFESSIONAL loan officer to make sure your loan is based on the most accurate information.

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Faith Marshall, Julie Weaver, Debbie Holscher and John Niernberger
12772 Lodge Drive

Garfield, AR 72732
Phone: 479-359-2000
Fax: 479-359-2025
Email Faith: faith@beaverlakecountryrealty.com
Email Julie: julie@beaverlakecountryrealty.com
Email Debbie: debbie@beaverlakecountryrealty.com
Email John:  john@beaverlakecountryrealty.com

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Halloween at Garfield Elementary School

Dear Faith, Julie and John,
    Thanks so much for the treat bags for the kids. They will love them! We are so blessed to have such wonderful support from our community here in Garfield. 
You help us be successful in our jobs in so many ways.
A wonderful piece of info we received yesterday----------
Garfield Elementary School ranked in the top 5% of Elementary schools in the state of Arkansas!
Thanks for all you do!
             
Garfield Staff and Students
Ms. Marshall, I just wanted to say thank you for your support of Garfield Elementary! Your contribution has allowed me to fund the beginnings of a "markerspace" program in our library media center! You made my day!  Sheri Rafferty, Library Specialist
Dear Faith, On behalf of the Garfield Staff, we'd like to thank you for the donation to each of our staff members. You are right, they all spend right out of their pockets for their students. We are so blessed to have people like you in our community to help support our staff and students. Thank you and God Bless You Garfield Staff
Julie, Thank you so much for all your help with our BIG MOVE! I am hoping we love it in Arkansas as much as you do! Blessings! Dylan, Amy, Blake, Owen, and Mia Stroud
Dear Julie, Thank you so much for all your work trying to find us a home! I loved our conversations and hope to see you soon. We closed on the house a couple of weeks ago and love it here! I have saved your real estate cards to hand out! Looking forward to seeing you soon! Robyn and Mark Lorentz
Dear Linda, Thank you so much for helping me sell my Bella Vista property. I can't believe how fast it Happened! I really feel you went the extra mile! Sincerely, Rae Jean Roller
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