Kelly
Gonzalez, Broker 

Exit Realty Laredo
Laredo, TX
Broker/Owner
956-728-1114
 

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FICO® Score - a Brief Explanation

When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score.

“What’s a FICO® score?” is a common reaction.

Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances are near maximum, and assorted other variables. When the credit report prints in your lender’s office, the total score is displayed. Your score can be anywhere between the high 300’s and the low 850’s.

Lenders wanted to determine if there was any relationship between these credit scores and whether borrowers made their payments on time, so they did a study. The study showed that borrowers with scores above 680 almost always made their payments on time. Borrowers with scores below 600 seemed fairly certain to develop problems.

As a result, credit scoring became a more important factor in approving mortgage loans. Credit scores also made it easier to develop artificial intelligence computer programs that could make a “yes” decision for loans that should obviously be approved. Nowadays, a computer and not a person may have actually approved your mortgage.

In short, lower credit scores require a more thorough review than higher scores. Often, mortgage lenders will not even consider a score below 600.

Some of the things that affect your FICO score are:

  • Delinquencies
  • Too many accounts opened within the last twelve months
  • Short credit history
  • Balances on revolving credit are near the maximum limits
  • Public records, such as tax liens, judgments, or bankruptcies
  • No recent credit card balances
  • Too many recent credit inquiries
  • Too few revolving accounts
  • Too many revolving accounts

FICO® actually stands for Fair Isaac and Company, which is the company used by the Experian (formerly TRW) credit bureau to calculate credit scores. Trans-Union and Equifax are two other credit bureaus who also provide credit scores.

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Kelly Gonzalez | BROKER | Contact Us 
10414 Medical Loop B1 - Laredo, TX 78045
Copyright © , All Rights Reserved

Kelly Gonzalez Broker - Owner, B.A.
Commercial, Industrial, Residential & International Specialist
Broker Owner 
Commercial REO Consultant
Business and Commercial Financial Real Estate Consultant
State Instructor, Trainer, Mentor

Flor E. Gonzalez, Realtor
ABR, CSR, GRI, GREEN, RSPS, SFR, TAHS, TRC, TRLP



10414 Medical Lp Suite B1
Laredo, TX 78045
Phone: 956-728-1114
Email: exitlaredo@aol.com​

THE REAL ESTATE SOURCE, INC. 
dba EXIT REALTY LAREDO 
TEXAS REAL ESTATE CORP LICENSE # 0482743 

KELLY GONZALEZ, PRESIDENT 
BROKER OWNER & DESIGNATED SUPERVISOR 
TREC LIC # 0478417

FLOR E. GONZALEZ, REALTOR 
CORPORATE V.P. OF THE REAL ESTATE SOURCE INC. 
dba EXIT REALTY LAREDO 
TREC LIC # 0488968

Zip Codes Serviced

1. 78045
2. 78041
3. 78043
4. 78042
5. 78046
6. 78044

Testimonials

Estimado Lic. Gonzalez, De parte de mi familia les agradezco todo los servicios que le brindaron ha mi Padre y Madre en sus inverciones en Laredo y San Antonio. Saludo ha Flor y ha ti con todo corazon. Monica Garza V.
To Whom it May Concern: Rialto Capital Management is a real estate fund with real estate assets and holdings across the country. While my region of business was situated primarily in the Southern Nevada market, I managed a number of residential and commercial assets in Laredo, Texas. Every single one of my assets located in Laredo was listed with Kelly Gonzalez and his team at Exit Realty. Kelly and his entire team provided a level of service at the highest level and acted on our behalf with extreme quality and professionalism. Especially being an out of town prope1iy owner, it was very comf01iing knowing that Kelly could be counted on in all aspects of assisting in managing and selling our assets. Him and is team provided the perfect amount of communication, made prudent and sound decisions when required, and were trustwo1ihy through and through. At the end of the day, Kelly simply made life easier. I will continue to use Kelly for all of my real estate needs in Laredo and I wholeheaiiedly recommend him to others with real estate needs in Laredo. Eric Tan, Rialto Capital Management V.P.
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