Mortgage (and other loan) qualification is increasingly being done
by means of "credit scoring". This is a mathematical analysis
which considers many different aspects of your credit history --
late payments, delinquencies, tax liens, etc... and expresses it
as a single "grade". This calculator will "grade" your credit using the
number of late payments you have on various credit accounts. This
isn't a true "credit score", but will give you a pretty good idea
of your credit worthiness.
Mortgage Payments (# of late payments past 12 months)
Revolving Credit (# of late payments past 12 months)
Misc Items (# of years since last action)
Personal Bankruptcy
Creditor Judgements against you
Collections or Wage Garnishments
Creditor Chargeoffs
Tax Liens
* This is an approximate rating. Different lenders may grade you
somewhat higher or lower, depending on their internal underwriting
requirements. Also, the elements which influence your credit
rating are often subject to interpretation. There may be
mitigating factors, such as a layoff for example, which are not
likely to reoccur.
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