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Do You Live in California And Have Bad Credit FICO Scores? Read This!

FICO scores are another way of referring to credit history or credit ratings. The term FICO stems from the fact that some credit ratings are determined by a special software program designed by the Fair Isaac Corporation. Across the country, FICO scores range from 300 to 850. The higher the number, the better the credit score, and the easier it is for the borrower to get a loan at a good rate.  If a borrower's FICO score is low, they may need to apply to a bad credit mortgage lender for bad credit loans order to get any credit at all.
The process for calculating a FICO score is something of an industry secret, but it is known that all the major credit reporting agencies (Equifax, Experian and Trans Union) take specific things into consideration when calculating a FICO score. Whether a borrower pays their bills and debts on time seems to count for most when it comes to calculating FICO scores. The ratio of outstanding debt to total available credit limits also is considered. The types of credit that a borrower has, debts that a borrower has had in the past, and the length of a borrower's credit history are also taken into account when calculating FICO scores.
A number of things can lower FICO scores. For example, lots of recent credit checks suggest that a borrower is looking for new loans, and this can lower a FICO score. For this reason, borrowers applying for bad credit loans or any sort of loans should be careful about how often they ask for quotes. A good option is to use a service such as Lowest Mortgage Rates, which allows borrowers to get a few quotes without having to undergo several checks. Borrowers simply fill out an online application or call 1-866-747-0627 to get free, no obligation quotes. This does not lower FICO scores but still gives all the loan options and information needed to choose the lowest mortgage rate possible. Match with Lenders now!

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