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Chris Stewart, Phoenix AZ Realtor (480) 205-0825
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FICO SCORES
Your FICO score is a credit rating produced by Fair, Isaac and Co. It's used by most lenders to help them decide whether you're a good credit risk. Fair, Isaac crunches the numbers from your credit report, and spits out a score somewhere between 300 and 850. A low score says you're a bad credit risk, a score of 750 or higher puts you in the catbird seat.

Here are the factors considered when calculating your FICO score and an estimate of how heavily each factor might be weighted.

Past payment history (35 percent): bankruptcies, late payments, past due accounts, and wage attachments
Amount of credit owing (30 percent): amount owed on accounts, proportion of balances to total credit limits
Length of time credit established (15 percent): time since accounts opened, time since account activity
Search for and acquisition of new credit (10 percent): number of recent credit inquiries, number of recently opened accounts
Types of credit established (10 percent): number of various types of accounts (credit cards, retail accounts, mortgage)

According to Fair, Isaac & Co. -- the company that created the FICO credit-scoring system used by most lenders -- closing an account can never help to raise a consumer's credit score, but sometimes it can actually hurt it.

Check with your lender about your options. It's best not to open any new credit accounts or close any old accounts during the home buying process.

 

 

 

 
 

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