“What factors affect my credit score?” and Frankfort Homes for sale!

By
Real Estate Agent with Re/Max 10 New Lenox Illinois

Elegant entertaining and extremely attractive buys in Frankfort homes, plus factors affecting credit score... 

 

My Frankfort office listings available...  

10353439     19938 S SycamoreDr $224,900 8rooms 3bedrooms 2baths Raised Ranch 

 2 10367068    430 Butternut Trl $339,900 6rooms 4bedrooms 2.1baths 2 Stories 

 3 10122786    554 Aberdeen Rd $375,000 11rooms 3bedrooms 4.1baths 1.5 Story

 4 10358169     22532 AutumnDr $405,000 10rooms 4bedrooms 2.1baths 1 Story

 5 10322715     22420 CrimsonLn $414,900 11rooms 3bedrooms+1 bsmt 3.1baths 1 Story

 6 10381375     637 Pheasant Trl4 $429,900 10rooms 4bedrooms 2.1baths 2 Stories 

 7 10325682     965 Oak RidgeCt $489,900 12rooms 5bedrooms 4baths 2 Stories 

 8 10377028     599 Firth Ct $499,900 13rooms 5bedrooms+1 bsmt 4.1baths 1 Story

Here  is your opportunity to jump ahead of the Market, so explore with me all the possibilities.  http://dtaylor.illinoisproperty.com  - 708-439-0165

 

 

Thanks Gene for sharing ...

 

“What factors affect my credit score?”

 

There are five major factors that affect your credit score.  Lets briefly take a look at each of them.

 

  1. Payment History

This one is relatively simple.  If you make your credit card and loan payments on time, this tends to help your credit score.  If you have late payments, your credit score will be lower. 

 

History and trends matter.  A late payment will always lower your score, but if you have a history of on-time payments, it may not affect your score as much as it would for someone who is consistently late.  On the other hand, it may take longer for someone who is typically late to build up their score with on-time payments.

 

Late payments, collections and charge-offs are also lumped into this category.  Payment history accounts for 35% of the credit scoring formula.

 

  1. Credit Utilization

Representing 30% of the formula, your credit utilization refers to how much credit you are using compared to your monthly limits.  For example, if you have a credit card balance of $250 and your credit limit is $1,000, you're utilizing 25% of your available credit.

 

Regardless of whether you pay off your full monthly balance every month, you shouldn't utilize more than 25% of your credit in any given month.  Doing so can lower your score.

 

  1. Length of Credit History

The credit bureaus also consider the length of your credit history, which makes up 15% of your total score.  This is measured from the time you open a credit card or close on a car loan or mortgage.

 

The idea here is that the longer you have your accounts open, the more you can prove or demonstrate that you've been responsible with credit.  You don't have to have four credit cards, plus a car loan and a student loan in order to get a mortgage, but a long history of sound financial responsibility can only help.

 

  1. Credit Inquiries

Credit inquiries make up 10% of your score.  If you're applying for a mortgage, its not a good idea to apply for three new credit cards and a car loan at the same time.  This is because credit companies want to know that you're not overextending yourself with credit.  For this reason, each hard inquiry made at the time of application may temporarily knock down your score a little bit.

  1. Credit Mix

Your mix or credit accounts form the final 10% of the credit score formula.  For creditors, this is all about knowing that you can handle various different types of credit, including both revolving accounts like credit cards and installment loans like a mortgage, student or personal loans.

 

Gene can be reached at ...

HomeTrust Mortgage Corporation

Gene Walters
HomeTrust Mortgage Corporation, 1475 E. Woodfield Rd Ste 110, Schaumburg, IL 60173
gwalters@hometrustmortgage.com, Office: 847.517.1700 Cell: 847.217.7030
NMLS#: 204173 NMLS: 134317, An Illinois Residential Mortgage Licensee

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Rainmaker
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James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Dale.

Sage advice, future home owners need to read this one, thanks 

May 18, 2019 12:56 AM #1
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is excellent information to share.

I hope you are enjoying a very productive month.

May 30, 2019 09:10 AM #2
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Dale Taylor

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