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The Karr Team
RMLO NMLS 230983
NMLS #: 1200324
Terri Karr: (972) 989-4329
Sidney Karr: (817) 917-2266
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25 Noble Court,
Rockwall, TX 75032
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FICO Score

Important to Home Mortgage Loans

Information about how your FICO score is calculated. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

How does the FICO score work?

When you apply for a mortgage, the prediction of your credit performance is measured by a numerical score. Although there are slight differences among the systems used by major credit reporting agencies, the FICO model is the most popular. The FICO scoring system was developed by Fair Isaac and Company, with the goal of filtering out non-relevant factors, such as race or gender. This single rating score sums up your credit history, projecting the likelihood of meeting future payments and indicating your level of credit risk. Higher scores indicate a better credit risk . These scores not only may qualify you for a mortgage, but possibly better mortgage rates also. As with the other major scoring models (BEACON and EMPIRICA), FICO takes into account the statistics available in your credit report. Each item of data is assigned a weighted value, resulting in a single score that ranges from 300 (low likelihood of repayment) to 850 (high probability of repayment).

A typical rating for a home buyer might fall within the range of 600 to 800. These credit scores particularly evaluate:

  • Payment History - Have your payments been timely?
  • Credit Card Balances - What balances do you still owe?
  • Credit History - What credit have you maintained and for how long?
  • Credit Types - What type of credit have you obtained?
  • Credit Inquiries - How often have you had your credit checked?

As most of these factors cover a timeline of credit history, there is not much you can do to change your score at the time of applying for a mortgage. However, you can begin to monitor your credit rating, know what your score is and ensure that the history is correctly recorded.

For information and tools to help you, Fair Isaac has created a web site (www.myFICO.com ) that lets you access your FICO score from all of the three major reporting agencies (Equifax, Experian and TransUnion), along with your credit report. The FICO site and each of these reporting agencies’ sites (http://www.equifax.com , http://www.experian.com , and http://www.transunion.com ) offer services to help you determine the best way to impact your FICO score. When you have access to pertinent information, you will be in a better position to obtain the optimum mortgage available to you.

Residential Mortgage Loan Originators

TERRI KARR AND SIDNEY KARR – a dynamic mother/daughter duo bringing their clients the perfect mix of education, product knowledge, and generations of mortgage expertise. Their seamless process will make the home buying experience less complicated and overwhelming; delivering their clients a “World Class” mortgage experience on time and on budget EVERY TIME! Terri, a graduate of Baylor University with a BBA in accounting, has been in the real estate and real estate lending business for over a quarter of a century. To date, Terri has helped nearly 3000 clients with their mortgage on personal homes, vacation homes and investment properties. When not working on the perfect mortgage experience for their clients, Terri enjoys yoga and being an active member and foster for Lone Star Bulldog Club Rescue. In addition, she serves on the executive board of the Disciples Women of First Christian Church Rockwall where she also participates in the hand bell choir. Terri is recognized as a member of The Producer’s Council at Premier Nationwide Lending. She has also been featured in Texas Monthly Magazine as one of the Five Star Mortgage Professionals in the state of Texas. She was honored as one of the company’s Top Producing Loan Officers every year since 2012. Sidney graduated from Hardin-Simmons University in May of 2014. She decided to follow in her mother’s footsteps and pursue a career in the mortgage industry. She received her NMLS license shortly after graduating and has become quite a powerful part of the team with an in-depth knowledge of specialty programs and credit restoration. As an accomplished equestrian with over 14 World Championship titles, Sidney has a true passion for animals. When she is not helping the team provide an exceptional mortgage experience to their clients, she likes to spend her time with her pets which include a Great Dane, English Bulldog, and two cats. She also enjoys spending time cooking for her friends and family, as well as providing therapy services with her Great Dane. Sidney is a deacon of the First Christian Church in Rockwall where she also participates in the hand bell choir. Let our generations of Mortgage Experience serve your family for generations!


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