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Factoring Your Credit Score

Five Factors Determinr Your Credit Score

5 Factors

Determine Your Credit Score

Your lender will "rate" or "score" your credit history. The scores range between 200 and 850. This is called your credit score. Scores above 620 are considered desirable for obtaining a mortgage. Your score will affect not only your ability to obtain a mortgage, but also how much you will pay for that mortgage.

There are three major credit reporting agencies: Equifax, Experian and TransUnion

Each uses a slightly different system to arrive at your score. Perhaps the best known is called the FICO score (by Fair, Isaac and Company). Each of the models considers a range of data available in your credit report, however, these are the top five factors that will affect your score in all three reports:

You should also be aware that your credit score, can affect more than just your ability to get a loan! Most home insurers now use 'credit-based insurance scores' when reviewing new applications for homeowners insurance. Put simply, this means that a homeowner with a good insurance score will usually pay less for insurance than someone with a poor score. An insurance score is a numerical ranking based on a person’s credit history.

Help to improve your credit score.
Maintaining Good Credit Reaps a Variety of Financial Rewards
For more on evaluating and understanding your credit score, go to http://www.myfico.com.
Financial Fitness for Life Quiz [PDF, 327 KB]
Your Mortgage - Credit Questions and Answers
For additional information regarding credit, contact the Consumer Data Industry Association.
Information for improving your credit is available from the National Foundation for Credit Counseling or the American Center for Credit Education.

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NOTE:
Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting companies. To request your free annual report under that law, you can go to www.annualcreditreport.com.

A Credit Report, however, will not tell you your actual credit score. This information will cost you about $15. For more information about your credit score, go to MyFICO.com.

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