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Ready for Your Dream Home? Let’s Get Your Credit in Check First! Knowing What Matters Most!
What Exactly Affects Your Credit Score?
Understanding what impacts your credit score can make a world of difference, especially when preparing for something as significant as buying a home. Whether you're looking to boost your score or simply maintain it, knowing the key factors is essential. Here’s a quick breakdown of the five elements that affect your credit score:
35% Payment History: The largest factor, reflecting how consistently you make on-time payments.
30% Amount Owed: How much debt you carry relative to your credit limits.
15% Length of Credit History: The age of your accounts, showing lenders how long you've been managing credit.
10% Credit Mix: The variety of credit types you have, like loans and credit cards.
10% New Credit: Recently opened accounts or credit inquiries.
Traditional credit lines like loans and credit card debt will appear on your credit report, contributing to your score. However, non-traditional credit lines such as rent, utility bills, and insurance premiums typically don’t impact your score, though lenders may consider them when evaluating your overall creditworthiness.
As a local realtor with a finger on the pulse of the North East Texas Real Estate Market, I stay up-to-date on the latest trends and changes. Every two weeks, I provide in-depth market reports across 7 counties, and I also send out a “24-hour snapshot” to my real estate community—that means you! (If I have your email).
If you're in the market for a home and want to ensure your credit is lender-ready, I highly recommend Rhoan Hernandez, Loan Officer with Guild Mortgage. You can reach him directly at 214-769-6822, but do me a favor—let him know Amanda Allen sent you! (That’s his personal number, not his office line, so I’d appreciate it.)
For more real estate insights, articles, and the latest market updates, be sure to visit AmandaAllenHomes.com. There, you’ll find everything you need to stay informed and prepared for your next real estate move!
Amanda Allen, Realtor!
Let's Find Your Perfect Home!
Selling & Listing Agent for North - East Texas Markets!
(903) 603-0648
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