I attended an awesome class today hosted by Startex Title that helped me understand what factors influence your credit score.A� A�I want to thank Diane Rifai of Hometrust Mortgage for sharing this information and I hope it helps you.
As you can see Payment History only accounts for 35% of your FICO A� score.A� Payment History includes:
- Acct payment information on specific types of accounts
- Presence of adverse public records (bankruptcy, judgments, suits, liens, wage attachments, etc.), collections items, and/or delinquency (past due items)
- Severity of delinquency (how long past due)
- Amount past due on delinquent accounts or collection items
- Time since (recency of) past due items (delinquency)
- Number of past due items
- Number of Accounts paid as agreed
Amounts Owed (30%)
Diane emphasized that you should not pay off everything each month and if you do, pay them before the statement comes out.A� So if the statement comes out on the 20th, pay it off on the 15 cheap pills th.A� Rationale: A�You charge $2,000 every month on a credit card with a $2,000 maximum limit but pay it off once you get the statement.A� The reporting bureau shows that the card continues to max out because it reports the amount owed.A� If however you paid the balance before the statement it would show a zero or small balance remaining on the card.A� She also emphasized that our balances should be at 30% of the total amount of credit available for credit card accounts.A� Example: (Card limit: $2,000; balance should be at $600 or less.)
- Amount owing on accounts
- Amount owing on specific types of accounts
- Lack of a specific type of balance, in some cases
- Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
- Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
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Length of Credit History
- Time since accounts opened
- Time since accounts opened, by specific types of accounts
- Time since account activity
New Credit
Every time you open new credit account, it counts 4-6 pts. Per creditor.
- Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account.
- Number of recent credit inquiries
- Time since recent account opening(s), by type of account
- Time since credit inquiry(s)
- Re-establishment of positive credit history following past payment problems.
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Type of Credit Used
- Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)
Please note that:
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- A FICO score takes into consideration all these categories of information, not just one or two. No one piece of information or factor alone will determine your score.
- The importance of any factor depends on the overall information in your credit report.
- Your FICO score only looks at information in your credit report
However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit your are requesting.
- Your score considers both positive and negative information in your credit report
Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your FICO score.
Please dona��t hesitate to call me if you have any questions regarding this blog.
