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Knowledge Center

Did You Know?

Improving your credit score may save you money on your home financing. That’s because higher FICO® (Fair Isaac Credit Organization) scores typically result in better interest rates. There are also industry and lender level guidelines relative to a borrower’s credit ratings and history that help determine your qualification for certain loan programs, your capacity to repay the loan and your interest rate.

FICO Score BreakdownHow FICO® Credit Scores Work

"FICO® scores" are the credit scores most lenders use to determine your credit risk. You have three FICO® scores, one for each of the three credit bureaus—Experian®, Equifax® and TransUnion®. Each credit score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores will change as well.

  • When you apply for credit, lenders want to know what risk they would take on by lending you money.
  • Your 3 FICO® credit scores affect how much lenders will offer you at a given time.
  • Taking steps to improve your FICO® scores may help you to qualify for better rates from lenders.

FICO Score chart

*APR = Annual Percentage Rate ** Monthly payment does not include taxes or insurance

For information purposes only and is not a commitment to lend. Programs, rates, terms and conditions are subject to change at any time. Availability dependent upon approved credit and documentation, acceptable appraisal, and market conditions. Not all programs available in all areas. Residential Mortgage Services, Inc. is a Maine Corporation headquartered at 24 Christopher Toppi Drive, South Portland, ME 04106. NMLS #1760;; Visit for list of state licenses. Equal Housing Opportunity.