Mobile Home Loan Rates in California

How does my FICO Score affect my Loan Rate? Credit reporting agencies use your loan payment history in order to compile your FICO score.

The three credit agencies has its own formula for determining your credit score. The original FICO score was developed by Fair Isaac and Company. While the formulas vary from one agency to another, each agency uses the following to calculate a score:

  • Payment History – Have you paid more than 30 days late?
  • Balances on your Credit Cards – How many accounts do you hold, and how much do you owe on them?
  • Your Credit History – How many years have you had credit?
  • Requests for Credit – How many times have lenders pulled your credit report for the purpose of lending you money?

These factors are weighted slightly differently depending on the formula being used. The result is one number. The higher the number the better.

Your FICO score affects your interest rate

FICO scores affect more than your ability to get a loan. They also affect your interest rate.

Can I improve my FICO score?

Unfortunately, there isn’t a lot you can do to immediately improve your credit score. Because the FICO score is entirely based on a lifetime of credit history, it’s hard to change it quickly. You should appeal for the credit agency to remove any incorrect reporting from your credit report; this is really the only “quick fix” for credit troubles.

Know your FICO

To improve your score, first get your credit report. And, get your credit score as well. Fair Isaac has created a web site ( It’s inexpensive, fast, and easy to get your credit score. They also provide helpful information and tools that can help you analyze what actions might have the greatest impact on your FICO score.

You can get a free credit report once a year by visiting While this report does not include a free credit score, the cost to “upgrade” your report to include a credit score is very reasonable.

Now that you have all the facts, you’ll be a more informed consumer and you’ll be better positioned to get the right mortgage for you.

Curious about your credit score? Curious if you can purchase or refinance your mobile home loan.

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