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Credit Score Basics - Mortgage Kick

Credit Score Basics A credit score is based on the information drawn from your credit report and there are about 30 individual factors are used to determine your score. Types of credit in use Payment history 35% 10% Pursuit of new credit Credit 10% Score factors 15% 30% Outstanding debt Credit history PAYMENT HISTORY determines 35% of your score i types of accounts payment information on credit cards i installment and mortgage loans - public record items and collection items 1 details on late or missed payments OUTSTANDING DEBT determines 30% of your score 1 amount owed on different types of accounts i number of accounts that have balanceS 1 how close are you to each credit limit CREDIT HISTORY determines 15% of your score i the length of your credit history 1 durability of 1 frequency of use of each account your accounts PURSUIT OF NEW CREDIT determines 10% of your score new! i number of new accounts 1 duration of the new account; i number of requests for new account; i recent credit history TYPES OF CREDIT IN USE determines 10% of your score i number of different credits 1 type of each credit .... How good is your credit score? provides best interest rates and repayment terms for loans Excellent credit score 720 + followed by decent terms from lenders and appropriate mortgage Good credit score 680 to 719 Average credit score 620 to 679 minimum credit score range to get fair mortgage terms enables you to get loans, but only under the lender's terms with higher interest rates Poor credit score 580 to 619 brings interest rates that are at least three percent higher than average Bad credit score 500 to 579 bad news: getting any type of financing is almost impossible Miserable credit score < 500 It's always a good idea to improve your credit score range V Get a credit card if you don't have one V Add an installment loan to the mix V Pay down your credit cards V Use your cards lightly V Check your limits V Dust off an old card V Get some goodwill V Dispute old negatives Blitz significant errors Sources: For more information on credit score and great mortgage rates visit MORTGAGE KICK

Credit Score Basics - Mortgage Kick

shared by AlbertEdison on Mar 30
Credit score is one of the most important factors when applying for a mortgage loan. This credit score infographic presents the most important factors and shares excellent tips on how you can keep a h...


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