| The Fair Isaacs Corporation (FICO) pioneered a | | | | etc. These negative records on your credit report will |
| system of scoring your financial health, known as your | | | | lead the mortgage lender to assume that there is good |
| FICO score. Your FICO score is a number ranging | | | | chance you will not pay your monthly mortgage |
| from 300 to 850 with 300 being the lowest credit | | | | payments on time or in full. |
| score that you can have. The higher your FICO score | | | | So can you get a mortgage refinance loan with poor |
| - the better. Statistically only 1% of Americans have a | | | | credit? The answer is YES. You will need to research |
| credit score below 499. The median FICO score is | | | | reliable and trustworthy subprime mortgage loan |
| 723. Any score around this range is considered a good | | | | lenders. These lenders also offer bad credit home |
| FICO score whereas a credit score below 600 is | | | | equity loans, HELOC, second mortgage refinance loans |
| considered a poor credit credit score - be it 450, 500, | | | | and debt consolidation loans. The interest rate on your |
| 550, 580 or 600. | | | | loan will be slightly higher than the interest rate that a |
| If your credit score is below 600 or slightly above, | | | | person with a higher FICO score would get but don't |
| most prime mortgage lenders will be hesitant to extend | | | | let this deter you from taking advantage of the equity |
| you a mortgage refinance loan after they pull your | | | | in your home. |
| credit report. Chances are your credit report shows a | | | | Remember that your FICO score is a snapshot of |
| history of Chapter 7, Chapter 13 bankruptcy, | | | | your financial situation at a specific point in time. It will |
| chargeoffs, 60 day late payments, 30 day payments, | | | | increase, if you pay your bills on time. |