Your CREDIT SCORE – Top 3 Things You Should Know! Free Realtor Training

Top Three Things You Should Know About Your CREDIT SCORE!

 

Three bureaus report credit scores:

Equifax
Experian
Trans Union

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:

720-850 Excellent

680-719 Good

620-679 Average

580-619 Poor

<   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!