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This was developed for Creditors AND lenders to better understand the risks of approving someone’s loan application. The Borrower is then assigned a 3-digit code ranging from 300 to 850. The credit score assigned to a consumer is being calculated based from:

· 35% Payment History · 30% Credit Utilization · 25% Credit History · 10% Credit Mix · 10% New Credit

Understanding how the credit score is being computed not only by mortgage lenders but also by the other creditors would help us understand if we are eligible for a loan or for applying for a new account. The credit score is categorized by FICO into 5 parts. 300-579 being Very Poor, 580-669 being Fair, 670-739 being Good, 740-799 being Very Good, and last but not the least, 800-850 being Exceptional. With this credit rating, you can determine how you are doing in terms of the 5 factors mentioned above. Having late payments more than 30 days in one or more accounts would severely impact your credit rating. The majority of the creditors would always look at your credit scores before handing out approval. They base it on the FICO scores more than the scores being assigned by Vantage. With Vantage, they base their credit score computation on these 5 factors:

· 40% Payment History · 21% Depth of Credit · 20% Credit Utilization · 11% Balances · 5% Recent Credit · 3% Available Credit

The vantage score range is divided up into 5 parts. 300-499 being Very Poor, 500-600 being Poor, 601-660 being Fair, 661-780 being Good, and 781-850 being Excellent. But the difference between the two credit score models and why the other one is more preferred than the other is that FICO scores review not only the general data but also their reviews are very detailed specific in comparison with the Vantage Scores. With this being said, most lenders do prefer to base their review using the FICO score model.

HOW DOES MORTGAGE LENDERS DETERMINE THE QUALIFYING SCORE?

An interview by CNBC Select with Mr. Darrin Q. English, a senior community development loan officer at Quontic Bank, stated that the mortgage lenders will pull all three scores but will only use one of them when making a decision. They will use the median score if the scores differ from each other as a basis for the qualifying score regardless if it is higher or lower. And if you are applying for a mortgage loan with your partner, the bank will pull all three credit scores from each of you and will use the median score from both of your scores and then will use the lowest as the qualifying score.

According to FICO, the lower your scores are, the higher your interest rates are. Listed below is how much interest rate for a 30-year fixed they use depending on your score range:

(As of April 26, 2021)

Are you torn between your career and your love for your family? It's a common, tough decision for all of the mommies out there. Whatever your choice will be, I will salute you. Because being with your family, being a full-time wife is the noblest, hardest job of all jobs that I know. And leaving you kids, crying, running after you before you go to work is heartbreaking. I know how you loved to be with them, see them grow, witness their every first, but you have to work for them.

But what if you don't need to choose either? Because you can do both? Surprise? Yes, you can! Some people want you to believe you can't be a great mom and have a great career at the same time. You can now, let me introduce to you how by the power of freelancing.

What is freelancing

Freelancers are a person who works as a writer, designer, performer, or the like, selling work or services by the hour, day, job, etc., rather than working on a regular salary basis for one employer.

The freelance industry is a place full of opportunities. There are many benefits a working mom can avail: flexibility, freedom of time, and comfort of home.

There are plenty of freelance jobs that working from home moms could opt for, which have long-term or short-term contracts, full-time and part-time hours. For example, virtual teaching, writing, graphic design, marketing, copy-writing, lead generation, customer representative and software development are emerging as popular career options for women.

How to be a successful freelancer

To start freelancing, everything should start with you. You are now your business and the employee. Don't forget your weapon first, your laptop and strong reliable internet. Freelancing requires investing knowledge and skills on yourself, then simply pitching out to clients who are in need of your service. With the help of freelancing sites, finding clients to avail of your service becomes so much easier. Freelancing sites like Upwork, OnlineJobs.ph(if you are from the Philippines) Freelancer.com, Fiverr are among those trusted sites when it comes to freelancing.

How to invest in your skills

There are many ways you can invest in your skills and succeed as a freelancer. Google and YouTube are your good to go companions. But if you really want to stand out and shine and you are all new to these, I suggest taking an online course about freelancing. If you are from the Philippines and you want to build your career from scratch to success, Filipino Virtual Assistant is the one for you.

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