How is your Credit Score
Determined?
-
Payment History: Approximately 35% of your score.
-
Amounts Owed: About 30% of your score.
-
Length of Credit History: About 15% of your score.
-
Pattern of Credit Use: About 10% of your score.
-
Types of Credit in Use: About 10% of your score.
Credit Score Guidelines
A credit score of 650 or above indicates a
you have a very good credit history. If your credit score is this
high you will usually find the loan process quick and easy, and
will have a good chance to obtain a loan at a relatively low rate
of interest.
Scores between 620 and 650 indicate
basically good credit. (Average FICO scores fall into this range.)
If your credit score is in this range you have a good chance at a
loan at a good rate, but you may have to provide additional
documentation and explanations to the lender before the loan is
approved. A score below 620 may prevent you from
getting the best interest rates, as you may be considered a
greater credit risk-but it does not mean that mortgage funding
can't be found.
Know what is on your credit report so you will be able to correct it and keep your credit score in good standing - inaccuracies, human error, mixed credit files, identity theft, etc...
Get your free credit report & score and know what's on your
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