What is in a Credit Score?
By Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CDPE
(Keller Williams Realty Portland Premiere)
A credit score is basically a number representing the a amount of risk involved in lending money to you. Considerations that go into your score: Payment History (35%); Amounts Owed (30%); Length of Credit History (15%); New Credit (10%); and Types of Credit Used (10%). Fair Isaac Company, or FICO is the most commonly used credit score. The numbers range from 350-900 with the higher numbers deeming you more trust worthy. Reason Codes are given with your credit score to let you know why yours may be lower than you like. Too few accounts currently "paid as agreed"Current delinquency (late payments)Too many inquires in the last twelve monthsProportion of balances to credit limits too high on revolving accounts But not all is lost, there are some things you can do to cou...
Comments
0