experian: What affects your credit score? Here is the breakdown.....
- 10/01/07 02:19 PM
WHAT AFFECTS YOUR CREDIT SCORE? Credit scores are an important factor in mortgage loans but many consumers are unsure about what causes them to receive that score. The typical score model for mortgages are FICO Scores. They are determined by five main categories: 35% is based on your payment history. (Including all accounts) 30% is based on the amount you owe creditors. (Especially revolving accounts with high balances) 15% is based on how long you have been using credit. (The longer you have a good payment history, the better) 10% is based on your applications for new credit. (If you are loading up on credit it … (3 comments)
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WHAT AFFECTS YOUR CREDIT SCORE? Credit scores are an important factor in mortgage loans but many consumers are unsure about what causes them to receive that score. The typical score model for mortgages are FICO Scores. They are determined by five main categories:
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