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Kathryn Lovell, Broker, CDPE, SFR, e-PRO
RE/MAX Preferred Properties, Inc.

953 Dolly Parton Parkway, Sevierville, TN 37962
Direct 865-740-4877
Office 865-392-5885
 Fax   888-901-4030
Each office independently owned and operated
TN License-315211

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

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FICO® Score - a Brief Explanation

When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score.

“What’s a FICO® score?” is a common reaction.

Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances are near maximum, and assorted other variables. When the credit report prints in your lender’s office, the total score is displayed. Your score can be anywhere between the high 300’s and the low 850’s.

Lenders wanted to determine if there was any relationship between these credit scores and whether borrowers made their payments on time, so they did a study. The study showed that borrowers with scores above 680 almost always made their payments on time. Borrowers with scores below 600 seemed fairly certain to develop problems.

As a result, credit scoring became a more important factor in approving mortgage loans. Credit scores also made it easier to develop artificial intelligence computer programs that could make a “yes” decision for loans that should obviously be approved. Nowadays, a computer and not a person may have actually approved your mortgage.

In short, lower credit scores require a more thorough review than higher scores. Often, mortgage lenders will not even consider a score below 600.

Some of the things that affect your FICO score are:

  • Delinquencies
  • Too many accounts opened within the last twelve months
  • Short credit history
  • Balances on revolving credit are near the maximum limits
  • Public records, such as tax liens, judgments, or bankruptcies
  • No recent credit card balances
  • Too many recent credit inquiries
  • Too few revolving accounts
  • Too many revolving accounts

FICO® actually stands for Fair Isaac and Company, which is the company used by the Experian (formerly TRW) credit bureau to calculate credit scores. Trans-Union and Equifax are two other credit bureaus who also provide credit scores.

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Testimonials

Kathryn actually sold 2 homes for us. She is WONDERFUL. Had other agents on both houses before who just didn't do much but when Kathryn listed the houses, both (2 years apart) were sold within a month. She knows how to promote and is always there for you for questions and issues. I would highly, highly recommend her if you want to get your house sold! Darleen
Thanks for all your help in making our "dream home" a reality. We really appreciated that you went the extra mile to get us the best price for our home. You are truly a professional. Carson and Judy Blake
Kathryn Lovell is truly a phenomenal real estate agent and the epitome of professionalism. She is knowledgeable, experienced, communicative and has a strong internet presence. Everything we were looking for in an agent. She went above and beyond to make sure our cabin sold fast and flawlessly. Angie Underwood
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