FICO Score

  • Gen Z Entering The Housing Market

    ByParnell, Michels & McKay Law Offices Hours

    Boomers are downsizing. Gen Xers are paying the kids’ college tuition. Millennials are a force to be reckoned with. But a new generation is entering the housing market with gusto: Gen Z. Gen Zers were born between 1997 and 2015. The oldest are turning 24 this year. That may seem young to buy a home, but Gen Zers are jumping in with both feet. Many millennials are happy renting, but most Gen Zers say they want to own. It’s been estimated that the number of Gen-Z mortgage applications have increased 57% from January to March 2021, which is up from 124% compared to March 2020. Top Five Cities Where Gen Zers Are Buying The top five cities for Gen Z (25 and under) purchasers between…

  • What Does Your FICO Score Mean?

    ByParnell, Michels & McKay Law Offices Hours

    A FICO score is a measure created by the Fair Isaac Corporation that is used by credit agencies to indicate a borrower’s risk. In most cases, the higher the credit score, the lower the risk to the lender. This is how financial institutions decide whether to lend money or issue credit. A person likely has multiple different credit scores. Some scores are used for approving you for a credit card but a creditor who is trying to decide if they should give you credit to buy a car may use a different FICO score. Understanding Credit Scores Credit scores, specifically FICO scores, range between 300 to 850. To determine creditworthiness, lenders take a borrower’s FICO score into consideration to make their decision. Maintaining a high…