Monday, June 27, 2011 - Article by: Joe Afonso - Primary Residential Mortgage, Inc. NMLS # 3094 -
Your credit score is a numerical representation of your statistical likelihood to repay credit that is extended to you. Mortgage Scores range from 300-850. Your score is a "snapshot" of a specific moment and can change with new actions and the passage of time.
FICO Scores are calculated from different data that 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 FICO score.
The secrets of credit score calculation have been very closely guarded. We can now estimate how your score is put together.
Payment history = 35%
Amount owed = 30%
Length of credit history = 15%
New Credit = 10%
Types of Credit in use (Healthy mix) = 10%
What's in your score?
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