Will The FICO Score 9 Help You Get Approved For A Mortgage?

If you’re thinking of buying a new home in Angel Fire, New Mexico, you probably know what a FICO score is. It’s your credit score that lets lenders know how risky it is to lend money to you. Most mortgages have a cut off point, a score they consider too low for lending. Right? Sometimes, even if you have saved up a nice down payment and have been paying more in rent than you would a mortgage, lenders still deny you, because your credit score is too low.

More banks have begin switching over to the newer FICO Score 9 version, which could really make a difference. Especially if you’ve been paying rent on time! If your landlord reports your rental payments, your timely payments will finally boost your score! The scientists at FICO think the new system is a more accurate representation of risk.

Still, there’s even more than just the inclusion of rent payments. Get this: If you have a collections account from say last year, but it’s since been paid, that will no longer hurt your credit! It’s just disregarded. Additionally, those medical bills bringing down your score? The FICO 9 will put much less emphasis on medical bills. It’s not like you planned to get sick, right?

Not all lenders use the FICO Score 9 yet, but many are beginning to. So, if you’ve been repeatedly denied for a mortgage, check into lenders using the FICO 9, and if you have an open collections account, pay it off!


If you’re interested in moving to or within Northern New Mexico, contact Coldwell Banker Headin’ Home Realty for all the best listings and most up-to-date information. We are your Angel Fire area experts. Our talented, helpful real estate agents in Angel Fire specialize in residential homes, commercial buildings, condos, vacant lots, and ski properties. We’d love to help you find property with ski in ski out access in the Angel Fire, Eagle Nest, Red River, Mora, Colfax County, Taos, and the Taos Ski Valley areas.

Reach us by telephone at 1-575-377-1192 or by email. Check out our online listings from the comfort of your home. View virtual tours of Angel Fire real estate. You can also just swing in and see us! We are located right in the heart of Angel Fire, in the Mountain View Mall next to Lowes Grocery Store.

Don’t forget to find us on Facebook for the latest information on Angel Fire property listings! So, whether you are looking for ski property, land, or a mountain home, we are eager to help make your dream come true!

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