Well FICO score used to tell it all to us...we knew where we were, knew what our payment history had been and now even credit cards are getting harder and harder to get! What to do now? Who really knows when it comes right down to it? Here is an interesting article talking more about what else is to play when it comes to credit. You can read more online at www.InvestSmarter.com also:
Daily Real Estate News June 23, 2008
Going Beyond the Credit Score
Fair Isaac Corp. and the credit bureaus have rolled out numerous products to provide lenders and investors with alternatives to the FICO score in assessing borrowers' default risk. The Credit Capacity Index from Fair Isaac gauges how well borrowers manage incremental debt, while Trend Data from TransUnion gauges the performance of loan portfolios when specific variables and regional economic indicators are factored in. Steps also are being taken to improve the tools available to mortgage lenders to assess default risk, with industry experts pointing out that FICO scores were inadequate on their own because credit bureaus receive mortgage data without knowing the type of loan and are not given access to copious amounts of data on the performance of loans held in lenders' portfolios. National Bank of Kansas, for instance, is going beyond the FICO score, also using a fraud score, risk profile, appraisal review and an expanded team of risk managers and underwriters to reduce default risk. Source: American Banker, Kate Berry (06/18/08)
So what do we really have to look for? WHat is the new standard if you will? For more information on what's available for sale in the Panama City Beach and Panama City Condo market please visit us online at www.panama-city-beach-florida-condominiums.com and see what awaits you in this little piece of luxury!
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