FICO score

If a borrower is interested in receiving the lowest interest rate possible, they should know their FICO score. This is their credit report score and directly influences the interest rate they will be offered by any mortgage brokerage or lending institution. It is advised that borrowers obtain a copy of their credit report before applying for equity home loans to ensure accuracy of information and scores. If a credit score needs to be improved, the fastest way is to pay down the credit card balances to less than 20% of their limit.