About Your Credit Score
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
Credit
10%
New applications for credit might cause you to be risky and lower your score.
Length of
History
15%
How long your accounts have been open. If you are going to close an account, DO NOT close the oldest.
Types of
Credit
10%
This looks at what types of credit you have.
Payment
History
35%
Making sure that you have your payments in full and on time.
Debt
Utilization
30%
How active EACH of your accounts are will affect this portion of your score.
Understanding Credit
Mortgage Glossary
The Loan Process
Down Payment Assistance
Homebuying Guide
Loan Options
Refinancing
Investment Properties
