There are many San Gabriel Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Calculator
so you know what buyers will pay for your home in today's market. You
may also call me at (626) 914-6859 for a FREE home buying or selling
consultation to answer any of your real estate questions.
What Makes Up your Credit Score?
Credit scores are very important to today's lending climate, so we like to make sure our clients know about their score and what it means for them. It can impact the type of loan they get and what their interest rate will be, so it's very important.
Credit scores are made up of 5 major categories.
- Payment History accounts for 35% of your score.
- The amount of debt that you owe on credit cards or other transactions will affect your score.
- The length of time that you have been borrowing matters. It's not that new borrowers will be at a disadvantage, but it helps to show lenders that you have been borrowing money responsibly for a long time.
- New credit that has been acquired is factored in as well. New car payments or loans of any type will affect your score. If you're opening up a lot of new credit, it could have a negative effect on your score.
- Types of Credit Used: This would be when we compare an auto loan to a jewelry loan. Lenders want to see major debt that has been extended to you and not frivolous purchases.
There are certain things that you can do to improve your scores and help them from dropping, and that is when you would get into contact with me or one of my credit experts. We are always here to help you and are more than willing to guide you through the real estate process.
If you ever need assistance, please contact me and we could easily arrange a time to talk.
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