FICO scores, what they are and what they mean to you – Franklin Financial Group, Inc.

Your Credit Score

In today's lending environment, your credit score is more important than ever. The interest rate you obtain on a mortgage is determined largely by the middle of your three credit scores. Lenders use what some call "risk-based pricing" to determine what rate you might qualify for, and if that rate will cost you anything to obtain.

All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. FAIR ISAAC is the name used by Experian. Equifax's model is called BEACON, while TransUnion uses EMPIRICA. While each of the models considers a range of data available in your credit report, the primary factors are:

Credit History - How long have you had credit?
Payment History - Do you pay your bills on time?
Credit Card Balances - How much do you owe on how many accounts?
Credit Inquiries - How many times have you had your credit checked?

Each of these, and other items, are assigned a value and a weight. The results are added up and distilled into a single number. FICO scores range from 300 to 850, with higher being better. With lenders using "risk-based pricing" your optimal credit score is 740 or higher.

The most important thing is to know your credit score and to ensure that your credit history is correct. For more information on the three credit repositories, please visit: www.equifax.com, www.experian.com, and/or www.transunion.com.

Armed with this information, you will be a more informed consumer and better positioned to obtain the most favorable mortgage available to you.

We are proud to announce that we made the Business Courier 2008 Book of Lists as one of the Largest Tri-State Residential Mortgage Lenders

Franklin Financial Group, Inc is a proud member of the TotalChoice Network, LLC. The TotalChoice Network provides individual consumers with multiple resources to choose from to help them achieve their financial goals. Companies and HR departments are able to utilize the tools necessary to meet daily business needs and answer employee questions all in one place.

With today’s difficult economy what could be easier than having one place to obtain trusted advice to help you create the right financial blue print. TotalChoice Network puts these tools right at the consumers’ fingertips. From new college graduates to those entering retirement, our network of professionals will offer individuals and families a wealth of products and services to meet all of their needs and help answer all of their financial questions.

Franklin Financial Group, Inc is proud to partner with Majestic Security, LLC to offer IDENTITY THEFT PROTECTION AND RESTORATION. Identity theft has become the number one white-collar crime in America. At the rate this crime is growing, it is not a matter of "IF" you will become a victim, but rather "WHEN" you will become a victim. Every American needs to be protected! To learn more about how to protect you and your family, please click on the link below. Contact Franklin Financial Group, Inc for special pricing options available.

Franklin Financial Group, Inc. is a strong supporter of the Cystic Fibrosis Foundation. To learn more or to make a donation, please click on the link above.

Franklin Financial Group is Licensed and Regulated by the State of Ohio, Department of Commerce, Division of Financial Institutions, Certificate No: MB.802894.000; the State of Florida, Office of Financial Regulation, Audit No: MBB 0701709; the Commonwealth of Kentucky, Office of Financial Institutions, File No: 20297. NMLS # 1194