Credit Score

Credit scoring is a statistical method that is used to quickly and objectively assess the
credit risk of a loan applicant. A score rates the likelihood that a borrower will pay back a loan. It can range from 350 (high risk) to 850 (low risk).

At Eagle Mortgage & Funding Inc., we believe you are more than a credit score. We are experts in working with all types of borrowers with a variety of credit scores. After all, your credit score considers only the information contained in your credit profile. Such as:

	Current debt level
	Length of credit history
	Types of credit
	Any past delinquencies
	Number of inquiries

It's important for you to note that credit scores do not consider your income, savings or down payment amount. Your credit score takes into account both positive and negative information in your credit report. For instance, late payments will lower your credit score. But establishing a good track record of making payments on-time will raise your credit score.

Of course, the most important factor for a good credit score is paying bills on time. It's
just that simple. Even if you owe a small amount of debt, it's critical that you make your payments on time. In addition, we will work with you to find ways to increase your credit score.

Tips
	In addition, you should keep low balances on credit cards as a short-term strategy to raise your credit score.
	It's also important that you apply for, and open, new credit accounts only as needed.
	And always be sure to payoff credit card debt rather than moving it to other cards.

While it's tempting, you shouldn't close unused credit cards as a short-term strategy to
raise your score. Owing the same amount, but having fewer open accounts can actually lower your credit score.

Credit reporting agencies are not in the business to grant or deny credit. Their job is to
collect information about you and your credit history from public records, creditors and
other reliable sources. These agencies then make your credit history available to current creditors, prospective lenders and employers (as allowed by law).