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What is a credit score?

When you apply for a credit – whether it’s an auto loan, a credit card, a mortgage or a personal loan, lenders want to know how worthy or risky you are as a borrower. A credit scrore is a number lenders use to help them predict how you likely you are to make payments on time. A score is an estimate of your credit risk based on a snapshot of your credit report at a particular point in time. The higher your score, the lower the risk to lenders.

Your credit score plays a vital role in getting you better deals particularly in terms of loans and interest rates that lenders offer you. Understanding your credit score can help you in making decisions that can lower your credit risk and raise your credit score over time.

What is FICO score?

A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will make credit payments on time.

Advantages:

  • Getting loan is easier and faster.
  • Credit decisions are fairer.
  • Less credit “mistakes”.
  • More credit is available.
  • Overall low credit rates.

Disadvantages:

  • If low slightly high interest rates.
  • Terms may not be as favorable.
  • Possible low credit limits for low FICO scores.

Understanding Your FICO Credit Scores

As a rule, credit scores analyze the credit-related information on your credit report. How they do this varies. Since FICO scores are frequently used, here is how these scores assess what is on your credit report.

1. Your payment history-about 35% of a FICO score

Have you paid your credit accounts on time? Late payments, bankruptcies and other negative items can hurt your credit score. But a solid record of on-time payments helps your score.

2. How much you owe-about 30% of a FICO score

FICO scores look atthe amounts you owe on all your accounts, the number of accounts with balances, and how much of your available credit you are using. The more you owe compared to yourcredit limit, the lower your score will be.

3. Length of credit history-about 15% of a FICO score

A longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.

4. New credit-about 10% of a FICO score

If you have recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you need a loan, do your rate shopping within a focused period oftime, such as 30 days, to avoid lowering your FICO score.

5. Other factors-about

10% of a FICO score Several minor factors also can influence your score. For example, having a mix of credit types on your credit report-credit cards, installment loans such as a mortg’age or auto loan, and personal lines of credit-is normal for people with longer credit histories and can add slightly to their scores.

Do you have questions?

Call us today (310) 478-5005 or fill in form below and we will get back to you as soon as possible.

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Client Testimonials

Thanks PacShores for coming through for me in the nick of time. After our Parents passed away and left the small apartment units that I was living in to me and my two siblings, they needed to get out their portion of the inheritance and were determined to force me to sell the units. I needed to keep the property for my family and avoid selling in such a down Market. My Income was low and the Banks refused to accepts the Rental Income from the other Tenants and to approve my loan. It wasn’t a problem when I contacted PacShores, they funded my loan in no time, paid off my siblings, hassle free, and I am very glad I found them.

Tony – Orange, California

 

I took over some Apartments that my Dad owned and had been renting out over the years. Some of the tenants had been there for 10 years and more, the Properties have gotten in disrepair, and the County had also filed substandard violation Liens on the Properties. All the Lenders that I had applied to for a Cash-Out Loan, turn down my application due to the condition of the Properties. With the help of the Loan Officers at PacShores, we were able to customize a loan for me that set aside funds to complete the needed repairs, and clear up all the Substandard Notices and Liens on the Properties, and the extra cash that I needed.

Tracy – Los Angeles, California

 

Hi, I am Real Estate Broker, and Short Sale specialist, and I had very well qualified Buyer with almost 50% cash down payment, under contract on a highly discounted Investment Property purchase. After 3 weeks of getting the runaround with their Bank including my regular Lenders that I normally use, I was convinced they would lose out on this great deal. Luckily an associate referred me to PacShores Mortgage, and within 24 hours they drove buy the property, and had Closing Documents in Escrow by the third day and funded the loan right after. They saved this deal for us. I couldn’t thank them enough and would use and recommend them to all my associates in the future.

Javier – West Covina

 

Hello, our Credit Scores had become so low after we went through a Loan Modification process and Short Sale on our previous house. Thereafter, we couldn’t find a Bank willing to consider us for a new Home Loan, even though we had substantial funds for a Down Payment. The folks at PacShores Mortgage were very understanding and glad to review and approve our loan application. Thanks to them, we are proud owners of a new, more affordable four Bedroom house again.

Susan – Fresno, California

 

My wife and I own a successful and profitable Business, and also own a number of Rental Units. Due to the Freeze in Bank Lending we decided to refinance one of the Rental Units we own outright, to access the credit we need to efficiently run our Business. Unfortunately due to the write-offs we show on our Tax Forms, the Banks we contacted were misreading our Income and cash flow and declined to approve our loan application. Our experience was different at PacShores, the easily identified our true Income and approved our loan promptly, and we didn’t even need to provide them any Tax Returns.

Cindy – San Diego, California

 

What Kind of Loans
Do We Offer?

Conventional Loans
Conventional Loans

These are loans which conform to the guidelines set by Fannie Mae and Freddie Mac.

VA Loans
VA Loans

These federally backed loans are available to veterans and spouses, and allow you to qualify for a loan with zero down payment.

FHA
FHA

If you are a first time homebuyer in Los Angeles, you may be able to qualify for a down payment as low as 3.5% with a government-backed FHA loan.

Reverse Mortgage
Reverse Mortgage

If you need to pull equity out of your home to convert to cash, a reverse mortgage makes it possible.

Jumbo
Jumbo

A jumbo loan is any home loan which does not fit within the conforming loan limits. In a high-cost city like Los Angeles, jumbo loans are common.

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Prime

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11400 W Olympic Blvd #830

Los Angeles, CA 90064

(310) 478-5005

info@pacshoresmortgage.com

NMLS: 366402
BRE: 00956342

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