American Mortgage Blog

Up until a few years ago, few people outside of the mortgage industry knew what a FICO score was. Now, it seems that many people make decisions purely based on how something may or may not impact their credit scores, which in turn impacts their ability to borrow. As a quick refresher, the score is representative of how the borrower has upheld their debt obligations in the past. But of great interest now is answering the question, “Did your credit score drop in the last few years?”

It is hard to pick up a financial magazine or newspaper and not see a story about how individual’s credit scores impact the ability to borrow money. The most commonly known credit score is FICO, although there are others such as Experian that a lender will use.