"Mortgage Capital and Investment LLC has handled our loans for the past three years with approximately 30 loans per year. We have been very pleased with the service and knowledge of the industry and would highly recommend them and will continue to send our clients to them as well."
Invest-N-Homes.com, J. Worden
Invest-N-Homes.com, J. Worden
How Your Credit Score is Determined
The typical score model for mortgages are Credit Scores. They are determined by five main categories:
• 35% is based on your payment history.
(Including all accounts)
• 30% is based on the amount you owe creditors.
(Especially revolving accounts with high balances)
• 15% is based on how long you have been using credit.
(The longer you have a good payment history, the better)
• 10% is based on your applications for new credit.
(If you are loading up on credit it may damage your score)
• 10% is based on your ‘mix’ of credit
(Numerous finance company accounts may lower your score)
How Your Credit Score Is Compiled
The data used to compile credit scores is based on information reported by creditors to Equifax, Experian, and Transunion. It does not include information about income, race, sex, or religion.
• Maintaining a Good Credit Score
There are key factors to maintaining a good Credit Score:
• Pay your bills on time.
(Even one late in the past 12 months can do significant damage)
• Keep balances low on revolving accounts
(Accounts with balances over 30% of the credit limit may lower your score)
• Don’t ‘credit surf’
(Frequent credit applications or balance transfers may lower your score)
• Review your credit file at least once per year
(This enables you to determine any errors or fraud)