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Understanding Your Credit Score
Your Credit is your BIGGEST ASSET ! Here are the factors that make up your credit score:

Payment History – 35%

  • Paying debt on time and in full has a positive impact.
  • Late payment, judgments and charge-offs have a negative impact.

Outstanding Credit Balances – 30%

  • Keep balances below 50% of limit – below 30% is even wiser. Do NOT close accounts.
  • Pay outstanding debt down as close to zero as possible.
  • Evenly redistribute the remaining balance among open lines.

Credit History – 15%

  • The length of time a particular credit line has been opened is important. A seasoned borrower is stronger.

Type of Credit – 10%

  • A mix of auto loans, credit cards and mortgages is positive- rather than a concentration in credit cards only.

Inquiries – 10%

  • Don’t “over-apply” for credit.
  • Auto and mortgage inquiries receive special treatment, and 20 inquiries can be made in a 14-day period and will be treated as only one inquiry.
  • Each hard inquiry can cost 2-50 points on a credit score.

© 2018 Fairway Independent Mortgage Corporation. NMLS Entity ID #2289. www.nmlsconsumeraccess.org All rights reserved. 4750 S. Biltmore Lane, Madison, WI 53718. Complaints may be directed to: (866) 912-4800 or Email us: customerservice@fairwaymc.com. Toll Free: 866-912-4800. Fax: 608-837-4723. MA Mortgage Broker and Lender License #MC2289. Licensed by the New Hampshire Banking Department. Rhode Island Licensed Broker and Lender. Also licensed in Maine, Connecticut and Vermont.