FICO Credit Scores

Understanding FICO Credit Scores

With so many different credit scoring models available to consumers it can be confusing when applying for a home loan.   When applying for a home loan, over 90% of mortgage lenders will be using the Fair ISAAC FICO® scoring model.    Your FICO® score used by your mortgage lender can be viewed at  The current versions of the FICO® score accepted by Fannie Mae and Freddie Mac at Equifax Beacon 5.0, Trans Union Classic 04 and Experian Fair ISAAC Score 2.  

FICO® Scores are calculated from several different pieces of credit data in your credit report. This data is grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining how your FICO® Scores are calculated.  The range of FICO® scores is 300 – 850.   

Your FICO® Scores consider both positive and negative information in your credit report. Late payments will lower your FICO® Scores, but establishing or re-establishing a good track record of making payments on time will raise your FICO® score.

How a FICO® Score breaks down

FICO Score Breakdown

These percentages are based on the importance of the five categories for the general population. People who have not been using credit long—the relative importance of these categories may be different.  For additional information on what your FICO® score consists of and how to improve your score please visit

Each loan program offered by NOVA Home Loans may have different FICO® score requirements.    The loan officer you have chosen to work with will be able to provide you with the score requirement once you have agreed on which type of mortgage (FHA, VA, Conventional, USDA, etc.)  you would like to proceed with.    Additionally, NOVA Home Loans has a team dedicated to assisting you to improve your FICO® credit score to qualify for a mortgage free of charge.  Please ask your loan officer for information on our Credit Services program.