Factors That Decide Your Credit Score
A credit score range between 200 and 800, with scores above 620 are considered desirable for obtaining a mortgage. When getting ready to buy a home learn what factors affect your score.
Your payment history & credit score
Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.
How much you owe
If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.
The length of your credit history
In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
How much new credit you have
New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.
The types of credit you use
Generally, it’s desirable to have more than one type of credit – installment loans, credit cards, and a mortgage, for example. For more on evaluating and understanding your credit score, visit myfico.com.
More Home Buying Tips
If you planning to buy real estate in the Lake Norman area, make sure you’re ready. Several steps to getting your finances in order, checking on your credit score, learn ways to improve your credit, follow a lender checklist and explore real home ownership costs.
Buyer Tip Videos
Visit my YouTube Channel’s “Home Buying Tips” playlists. There are many helpful home buying videos to watch.
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Robin is a licensed as NC real estate agent. Robin works in the Lake Norman real estate market towns of Cornelius, Huntersville, Mooresville, Denver NC, Davidson and Charlotte NC. She will educate you and ensure you are taking advantage of the best market opportunities. Robin will also help you set realistic expectations. Furthermore, she will walk with you through the entire process. Home buyers can trust Robin to help them find a property of their dreams. Home sellers will receive unparalleled exposure to their listings. She will assist her clients in negotiating the best possible price. She will also do her part in keeping your transaction running smoothly! Ask her any general question about real estate in NC and around Lake Norman.
Thank You for Visiting Your Credit Score
Knowing your credit score is essential when beginning the home buying process. Matching homes with lifestyles is the basis for Robin’s real estate business. Most of all, contact Robin if you have any general questions.