Scottsdale and Metro Phoenix Area Real Estate

Your credit is very important when it comes to determining mortgage eligibility. What you may not realize is that your credit rating is a factor in several other areas as well, such as home and auto insurance. 

There are 3 main bureaus to which most creditors such as credit card companies, banks and leasing agencies provide information.  Each month, your credit holders report information to these credit bureaus about your current balance, minimum payment requirement and payment history.  Each bureau reports a slightly different credit score which potential creditors will typically use the middle of the 3 scores to determine loan eligibility. The highest credit score one can achieve is the magical FICO number of 850.

• 35%  of your score is determined by payment history
• 30% is based on how much your owe on credit cards
• 15% is based on the length of your credit history (the older the better)
• 10% is based on the type of credit (mortgage=good while credit cards=bad)
• 10% is based on new credit (several newly opened accounts will lower score)

Credit Scores and what they mean to you:

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