Took an awesome credit scoring class by Ryan Keip that was hosted by Chicago Title. Here’s a few tidbits that I picked up!
How your score is broken down:
35% is based on your payment history-paying your bills on time
30% is based on amount owed- what is your available credit and how much is available to you
15% is based on length of history- a mortgage that you have had for 15 years is a good thing!
10% is based on types of credit-mortage, installments, c/c
10% is based on new credit- opening a bunch of new accounts is probably not a good thing.
All 3 bureaus will probably have give you different scores since they use different scoring models.
Mortgage lenders look at your middle score, so if you have a 750,650 and a 620 they will use the 650.
If you get an online score, it will likely show much higher than a lender will have you scored. Basically your online scored is not worth too much!
Go to http://www.annualcreditreport.com to get a copy of you report.
Check for errors!! 79% of reports have errors on them!
Call me at 317 885-8858 if you have questions or want to know where to go to get help.