Buying Process and Credit Scoring 

In my experience, there appears to be a great deal of confusion about what makes up a persons credit score and what affects it the most.

In the  real estate business I am involved in discussing credit scores with the public. I’ve had people tell me their credit is bad and it turns out reasonably good, and I’ve had people tell me their credit is “ok” only to find that it is horrible.

Credit scores are calculated from all the data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your (mortgage) credit score. Different uses for credit reports, such as employment or insurance generally weigh criteria differently.

These percentages are based on the importance of the five categories for the general population. For particular groups – for example, people who have not been using credit long – the importance of these categories may be somewhat different. Find out more information

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