Understanding Credit.
What Makes Up Your Score?
Credit scores range anywhere from 350-850 and are impacted by a range of
factors.
Your number is determined by five combined factors to make up your personal score. Yes, your
credit score is an important element to your home buying process, but even if your score is
lower than desired, don’t give up! At Summit Funding, Inc., we have a team of knowledgeable
loan officers who will work with you on your credit strengths and guide you through any
weaknesses. Your new home is the ultimate finish line and we want to cross it with you.
10%
Types of Credit
This looks at what types of credit you have.
10%
New Credit
New applications for credit might cause you to be risky and lower your score.
15%
Length of History
How long your accounts have been open. If you are going to close an account, DO NOT close the oldest.
30%
Debt Utilization
How active EACH of your accounts are will affect this portion of your score.
35%
Payment History
Making sure that you have your payments in full and on time.