Kelly
Gonzalez, Broker 

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

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WHAT’S A FICO®?

What is a FICO® Score?

FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.

What Kind of Score Do I Need for a Home Loan?

There are as many answers to this question as there are loan programs available. Most lenders will take the average of all 3 scores to evaluate an application. Niche loans, such as Easy Qualifier and low down payment loans will have higher FICO® requirements.

How is My Score Determined?

The FICO® model has 5 main elements:

  1. Past payment history (about 35% of score) The fewer the late payments the better. Recent late payments will have a much greater impact than a very old Bankruptcy with perfect credit since.
    Myth - paying off cards with recent late payments will fix things. Payoffs do not affect payment history.
  2. Credit use (about 30% of score) Low balances across several cards is better than the same balance concentrated on a few cards used closer to maximums. Too many cards can bring down the score, but closing accounts can often do more harm than good if the entire profile is not considered. BE CAREFUL WHEN CLOSING ACCOUNTS!
  3. Length of credit history (15% of score) The longer accounts have been open the better for the score. Opening new accounts and closing seasoned accounts can bring down a score a great deal.
  4. Types of credit used (10% of score) Finance company accounts score lower than bank or department store accounts.
  5. Inquiries (10% of score) Multiple inquiries can be a risk if several cards are applied for or other accounts are close to maxed out. Multiple mortgage or car inquiries within a 14 day period are counted as one inquiry.

How Can I Raise My Score

Your score can only be changed by the way that item is reported directly to the credit bureaus (Experian, TU, Equifax). Written confirmation from the creditor is required. It is best to make these corrections before you try to purchase a home, because you can never be sure the exact impact a change will have on your score.

What Does This Mean to Me?

You should have your credit reviewed BEFORE you look for a home, and work with a PROFESSIONAL loan officer to make sure your loan is based on the most accurate information.

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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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