Know Your Credit Score

Your credit score influences your home buying potential. FICO credit scores range from 300 to 850, with 300 being the lowest and 850 the highest. Generally, the higher the number, the better your loan terms. But what really impacts your credit score?

5 Factors That Influence Your Credit Score

Your Payment History

Late payments lower your score, so pay your bills on time.

How Much You Owe

Keep outstanding balances under 30% of your credit limits.

Length of Your Credit History

A short history isn’t a bad thing if you show responsible credit management. Having a few credit accounts is better than having no credit at all.

New Credit Accounts

Lots of new credit account inquiries can lower your score. Mortgage and auto loan inquiries are an exception; these count as one inquiry within a 30-day period.

Types of Credit You Have

A variety of credit types – like an auto loan, credit cards, and other credit accounts – could boost your score.

Homebuying Essentials

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