My Mortgage Blog

Understanding Your Credit Score

Have you ever wondered what impacts your credit score? Here's what impacts it.....

  • 35% Payment History – Make a payment or miss a payment. It’s on your file
  • 30% Used Credit vs. Available Credit – Try to own under 50% of total limit on all credit
  • 15% Credit History – The longer you’ve had credit, the clearer the picture of how you manage your debt.
  • 10% Public Records – prior history of bankrup0tcy? Collection issues? These events may have a significant negative impact on your score
  • 10% Inquiries – How often are you applying for new credit? It has an Impact