Credit Score     

 

CREDIT SCORE ANALYSIS

 

500-559: Very risky – should eliminate credit purchases if at all possible

 

560-619: Risky – you will have trouble obtaining a mortgage loan

 

620-674: Sub-prime – may qualify, but @ higher interest rate

 

675-699: Average – you will qualify for most loans

 

700-719: Very good – qualifies you for favorable interest rates

 

720-850: Excellent – best score range and best interest rates

 

HOW A CREDIT SCORE IS DETERMINED

 

Payment history -               35%

Account balances-              30%

Age of credit history-          15%

New Credit-                        10%

Mix of Credit-                     10%

 

NEVER make any type of major credit purchase (Car, Motorcycle, Electronics, etc) prior to making application for a mortgage .

 

  "Account balances" represent 30% of your credit score.  Also, never apply for a mortgage with more than a couple of lenders.  "Shopping" loan applications for lower rates can negatively influence your credit score.