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It’s important to fully understand the mortgage loan process. Use the links below to learn more!

Credit Basics

What Makes Up a Credit Score?

The FICO score generally ranges from 300 to 850, and a higher score indicates a lower credit risk. FICO scores are calculated from many sources of information in your credit report, which is based on the importance of the following five categories for the general population:

  • Payment History 35%
    Were Payments Made on Time?

  • Amounts Owed on Accounts 30%
    Is the balance owed close to the limit?

  • Length of Credit History 15%
    How long have your accounts been open?

  • New Credit 10%
    How many new accounts have been opened?

  • Types of Credit Used 10%
    Mortgage, auto, consumer finance accounts, revolving and installment loans.

Credit Score Graph

 

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