Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
Re: Somethings you might not know about how FICO is calculated


MidnightVoice wrote:

What types of information are NOT used in calculating my FICO score?

1. Your race, color, religion, national origin, sex or marital status

2. Your age

3. Your salary, occupation, title, employer, date employed or employment history

4. Where you live

5. Certain types of inquiries such as promotional, account review, insurance or employment related inquiries

6. Any information not found in your credit file

7. Any information that is not proven to be a predictive of future credit performance



For calculating your FICO score, true. However, to get a mortgage, more than a few of these items DO go into the calculation.
 
Date employed and employment history. In a nutshell, have you been in the same job for 2+ years and in the same career field for 5+ years.
 
Salary will definitely count for determining how much mortgage you can afford.
 
They will look specifically at util and number of CCs. You could have an 800 and a prime lender might ask you to pay everything down to X percent util and close cards.
 
Might want proof of X months income in the bank.