1️⃣ Payment History (35%) – The first thing any lender wants to know is some…
1️⃣ Payment History (35%) – The first thing any lender wants to know is something about your credit history. Namely, whether your credit payments have been made on time. A few late payments are not an automatic “score-killer.” However, Collections, Charge-Offs, Repo’s, Foreclosures and Bankruptcies are “score-killers”! – 2️⃣ Amounts Owed/Utilization (30%) – Owing money on credit accounts doesn’t necessarily mean you’re a high-risk borrower. However, when a high percentage of a person’s available credit is being used, this can indicate that a person is overextended, and is more likely to make late or missed payments and can negatively impact your credit score. – 3️⃣ Length of Credit History (15%) – In general, a longer credit history will increase your FICO® Scores. However, even people who haven’t been using credit long may have high FICO Scores, depending on how the rest of the credit report looks. Your FICO Scores take into account how long your credit accounts have been established, including the age of your oldest account, the age of your newest account and an average age of all your accounts . – 4️⃣ Credit Mix (10%) – FICO® Scores will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It’s not necessary to have one of each, and it’s not a good idea to open credit accounts you don’t intend to use. The credit mix usually won’t be a key factor in determining your FICO Scores—but it will be more important if your credit report does not have a lot of other information on which to base a score. – 5️⃣ New Credit/Inquires (10%) – People tend to have more credit today and shop for new credit more frequently than ever. FICO® Scores reflect this reality. However, research shows that opening several new credit accounts in a short period of time represents greater risk – especially for people who don’t have a long credit history. Your FICO Scores take into account several factors, including how you shop for credit. . . #realestate #realestateagent #realtorlife #realtorsofinstagram #investor #kellerwilliams #realestatelife #forsale #realestatesales #remax #texas #househunting #house #austinrealestate #localrealtors – posted by www.instagram.com… – See more Real Estate photos from Local Realtors at LocalRealtors.com
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