Credit Report Score Card

Your credit score is a critical determining factor...

In your ability to secure a home loan. While almost everyone worries about this important number, few prospective home buyers understand all of the criteria that are applied to calculate your score.

Developed in 1956, a Fair Isaac Corporation Score (typically known as a FICO score), is a three-digit number that ranges from 300 to 850 and is calculated according to risk factors.

Making The Grade

Your credit is applied by most lenders to a grading system that typically categorizes you for the type of home loan for which you will qualify. Similar to the grades you received throughout your scholastic career, here is a general grading system based on your credit score.

Credit Score Report Card

A+ = 670 and above

A = 650 - 669

B = 620 - 649

C = 580 - 619

D = 550 - 579

F = 520 or below

How Your Credit Score Is Calculated

Payment History - 35% of your score

  • Payment information on your loans, credit cards, and other types of accounts
  • Public record and collection items
  • Details on late or missing items

Amount Owed - 30% of your score

  • Amount collectively owed on all accounts​
  • Amount owed on different accounts
  • Whether you are showing a balance on certain types of accounts
  • How much of your total credit lines are used.
  • How much of installment loan accounts is still owed

Length of Credit History - 15% of your score

  • How long your overall credit accounts have been established
  • How long it has been since you accessed certain accounts

New Credit & Inquiries - 10% of your score

  • How many accounts you have
  • How long it has been since you opened a new account
  • How many recent requests for credit you have made​