Simply put, your income does not affect your credit score.  Whether you make 30k per year or 200K - you may share the same scores.

So that opens up the question - "What are the factors that affect my score?"

Here they are:

• 35% is based on your payment history for both old and new accounts.
• 30% is based on the amount you owe.  High balances are a negative in the eyes of a credit bureau.  As a rule of thumb, add up all of your 'limits' for your credit cards and compare the total to the total of your balances.  50% should be the maximum.  30% is ideal.  This is why it is better to ask a creditor to report the correct limit or request a raise as opposed to asking them to lower it.
• 15% is based on how long you have used the credit - payment history is very important.  Don't continue to jump on the newest credit card offer as tempting as it can be.
• 10% is based on recent inquiries, or new applications.  Inquiries will affect your score for six months and drop off in two years.  Now more than ever, lenders are asking for explanations for every inquiry on your report - make sure you have explanations when applying for a mortgage.  If you have new credit that does not show yet, do your loan originator a favor and let him know.  It will make things easier for your closing.
• 10% is your credit mix.  You should try to have a good mix of credit, such as installment loans and revolving debt.

Even a single late payment can have an adverse effect on your credit.  There are ways to repair credit report 'mistakes' and we are a company that can help with that on your mortgage application.

Please contact me with any questions and make every day your best!

Sincerely,

Kevin Nelson