BLOG UPDATE: What Makes Up Your Credit Score

What makes up your Credit score

The use of credit scoring in the mortgage process is often a source of controversy. Consumers suffer needless anxiety due to misinformation about how scores are determined. Most scores are produced using software from Fair Isaac Corp. The precise formulas used are proprietary but here is a brief breakdown of what goes into your credit score.

Payment history- Approximately 35% of your score.

Amounts Owed-Approximatley 30%

Length of credit history- Approximately 15%

New credit-Approximately 10%

Type of credit in use-Approximately 10%.

For more information on this drop me an email and I will forward a letter  that will explain each area better with ideas of what to do and what not to do. Of course it is always wise to seek professional help, this is only a guide to understanding what is in your credit report. Send your requests to Sid Bamford.   Sid@dlprealty.com

 


Posted on: Tuesday the 21st of February 2012.
Total views: 21
Written by: Sid Bamford