Thursday, July 29, 2010

Job Titles and Your Score

credtDid you know that your JOB TITLE could make a few points difference in your score?  In today’s mortgage market – the difference between being able to qualify for a mortgage often hangs on 5 or 6 points.  Many of our programs require at least a 680 score – some require at least a 700 score… so if you’re at 670, checking the job TITLE becomes even more important!

Some of the elements that affect the scores are:

  • Job stability – is it searsonal or steady?
  • Income stability – is it guaranteed or commission-based?
  • JOB RISK – is there a greater potential for injury or death?

These risk elements are analyzed statistically – but some a weighed more heavily than others.  If you are an Office Manager, will your score be higher than an Administrative Assistant?  Maybe not.  However, “construction worker” will not likely score as high as a  Commercial Construction Crew Chief.

If you have questions about your credit score, and how to improve it so you can purchase a home, contact Steve and Eleanor Thorne, Meridian Residential 919-459-1313.

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Comments

43 Responses to “Job Titles and Your Score”
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