The most obvious way to mess your credit score up is to make a late payment. Did you know that even if you have a solid credit score, a single missed payment could cost you as much as 100 points? According to the Fair Isaac, the company that calculates your FICO score, payment history accounts for 35% of your total score! Of course that credit score helps determine what kind of rates you can get when applying for home or car loans.
Your FICO score is a number between 300 and 850 and is based on five criteria:
1. Payment history
2. Amounts owed
3. Length of credit history
4. New credit
5. Types of credit used
According to Experian, the average credit score in America is currently 692. Those with a 700 or above will qualify for the best interest rates available.
Call me to learn your buying power. If you are buying in Plainfield, Naperville, Aurora, Joliet and surrounding areas, let's learn your buying power and then find you a home!
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