Understanding Credit Scores

How Do I Get a Better Credit Score?

Your credit score is a numerical representation of your trustworthiness in paying back debt. Each bureau will present your with a credit score based on the data they have.

Factors That Influence Credit Scores

35% Payment History
30% Debt
15% Time Existing
10% Account Variety
10% New Credit

Credit history is a record of the “health” of each reporting credit line. Account variety means having a diverse set of account types, such as installment, mortgage, revolving, etc. New credit can show up from employment screening, utility providers, insurance related inquires, and other credit inquiries.

What Does Your Credit Score Say About You?

Shockingly, many people have never seen their credit report! Not knowing what your credit report says about your finances may cost you more when trying to obtain a mortgage.

It is very common for incorrect information to be reported on your Credit Report, and it is important to identify any issues and correct them before you apply for a mortgage.

Click Here to Get Pre-Qualified

Credit Report Problems?

Fixing credit reporting issues, such as incorrect collections, late payments showing up when paid on time, and active accounts that are closed, can be fixed. The key is to identify any issues and work toward having them corrected. If you want to take action, the first step would be to call the bureaus at:

  • Equifax- 1-800-685-1111 or go to www.equifax.com
  • Experian- 1-888-397-3742 or go to www.experian.com
  • TransUnion- 1-800-916-8800 or go to www.transunion.com