What’s in a Score?
Each credit bureau assigns a score to your credit based on all your credit history. The scores are calculated by computer models that are proprietary to each bureau. Scores range from approximately 300 to 900. The higher your credit score, the more likely your chances of getting a loan or a credit card. In many cases, a high score can even earn you a lower interest rate. Your score is very important.
There are 5 variables and percentages used in the scoring process.
- Previous Payment History – 35%
- Outstanding Debt – 30%
- Credit History Timeline – 15%
- Pursuit of New Credit – 10%
- Types of Credit in Use – 10%
Contact me to discuss your situation confidentially in order to find out how you can improve your credit score to get a fresh start and get on the road to home ownership! I’ll be there every step of the way to help you from the beginning of your home search to the day you get the keys to your new home. Feel free to contact me with any questions.
