Top Three Things You Should Know About Your CREDIT SCORE!
Three bureaus report credit scores:
It is important to monitor your report!
Your credit score is comprised of:
35% – Late Payments, over 30 days
30% – Ratio of Amount Owed; should be less than 30% of your available credit
15% – Length of Credit History, don’t close accounts
10% – New credit, new accounts can hurt
10% – Types of credit – revolving versus installment loans
Credit Scores – Lender Criteria:
< 580 Bad
When shopping for a mortgage, 2 or 3 lenders are plenty!
Raise your Credit Score by:
Reducing: New Account, Closing Old Accounts, Keep Your Debt Ratio Under 30%, several open lines of credit
Improving: Pay off Credit Cards, Keep Long Term Accounts, Don’t Close Accounts Before They Are Paid Off
For more information on credit scores, listen to our PODCAST!
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