Louisville Real Estate .com uses credit scoring to assess the credit risk of our loan applicants. Credit scoring is a statistical method of figuring out the credit risk of a person. The score looks at past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit, and number of inquiries to rate the likelihood of an individual paying back a loan. Credit scoring places borrowers in one of three categories.

1. A score of 680 and above is considered A+ credit. This loan will involve basic underwriting and often goes through a computerized automated underwriting system and is completed within minutes.

2. A score above 620 will tell underwriters to take a closer look at the file to determine potential risks. Borrowers in this category often find that the process and underwriting time will be no different than it has been in the past.

3. Borrowers with a score under 620 often times find themselves ineligible for the best rates and terms offered by most mortgage companies. With Louisville Real Estate.com this is not the case. We understand that life happens and perfect credit is not always possible. It is for this reason that we evaluate all of our clients on an individual basis and view them as people and not credit scores.

More Information On Credit

• Credit guide scoring
  
• Credit profile
  
• Credit questions & answers
  
• Credit reporting agencies