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Bankfirst - Retail Bank & Mortgage Department
Sioux Falls, SD
605-361-2111

Bank Of America
Blue Springs, MO
816-979-4141
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Mississippi Association of Mortgage Brokers
Clinton, MS
601-924-4006

Continental Mortgage
Verona, VA
540-248-0750

Citifinancial
Statesville, NC
704-873-3221
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Community Bank of the Cumberlands
Jamestown, TN
931-879-7007

F B Financial Services
Memphis, TN
901-377-1730

Flagstar Bank
Olive Branch, MS
662-895-4770

Bell Home Loans
Bellevue, WA
425-450-9443

First National Mortgage Sources
Peculiar, MO
816-779-6185

Allied Home Mortgage Capital Corporation
Raleigh, NC
919-858-0776
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Capital City Financial Corporation of Woonsocket
Woonsocket, RI
401-766-9100

City Wide Mortgage
Omaha, NE
402-934-1435

How Credit Scores Work

A credit score is a numeric value that a lender will use to determine whether or not you meet the qualifications for the loan you are requesting. The lower your number, the greater the perceived risk in providing you with a loan. The higher your number, the lower the risk. A credit score can range from 350 to 950. Among the most commonly used credit scores is your FICO score. The FICO score was developed for the various credit agencies by Fair Isaac & Company, Inc.

So what does your credit score factor in? Well, for starters your credit score does not factor in things such as your income level, mortgage down payment amount, the amount you have in savings, or any physical factors such as geographic location or gender. Things like the number of lines of credit you currently have, the amount of debt you currently owe, how long your credit history is, and any late payments made to a credit company, however, will have a negative impact on your overall credit scoring. The two factors weights most heavily in your score are your current level of debt and your past habits in making payments in a non-delinquent fashion.

So what can help you improve your credit score? Make your payments on time, avoiding delinquency at all costs is a huge help. Even if the amount of money you may owe on a credit card or loan is small, take the time to make that small payment every time it is due. Avoid opening too many lines of credit and using "revolving credit" to delay the paying of total debts owed. However, if you are in debt, and you are not in a position to pay off the amounts owed, do not close credit cards that aren't being used. Having the same total debt while having less accounts to spread things out over may actually hurt your score in the long run. Having someone check your credit score will also lower your score, but very very minimally (this does not include the annual free government credit check). Don't be scared to shop around for the best rate though; inquiries made during the 14 days after your initial check will all count only as one inquiry.

In order to have a credit report you must have at least one credit or loan type account open for six months in addition to having at least one account update of any type in the last six months. This regulation is in place simply to make sure that there's enough info available to even generate a credit report for you. Getting a mortgage with a very slight credit history may be difficult, so if you're considering buying a home at any time in the foreseeable future, now is the time to begin establishing your credit with a credit card or two that is always paid on time.
 
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