Credit plays an integral role in the home loan process. A credit score can range anywhere between 300 - 850 and is comprised of 5 different categories. The information below shows what factors are used to calculate your credit score, and the actions that affect it.
New applications for credit might cause you to be risky and lower your score.
How long your accounts have been open. If you are going to close an account, DO NOT close the oldest.
This looks at what types of credit you have.
Making sure that you have your payments in full and on time.
How active EACH of your accounts are will affect this portion of your score.