What It Means to You
High credit score =
Lower interest rate
Higher chances of qualifying for a loan
Low credit score =
Higher interest rate
Lower chances of qualifying for a loan
FICO scores range from 300 to 850.
In general, people with high FICO scores consistently:
If you think you might have a low credit score, please contact us to help guide you through the necessary steps to improve your credit score.
Click here for a complete guide to understanding your FICO score.
What Makes up a Credit ScorePayment History – 35%
- Bills paid as agreed on time
- Most weight placed on largest monthly payments
- Keep total outstanding balance below 30% of your total available credit limit
- Example: Total outstanding balance $3,000 / Total credit limit $10,000 = 30%
- Longer credit history = higher credit score
- Never close credit accounts as it shortens credit history
- Ideal to have installment and revolving accounts
- Example: mortgage, home equity, auto, personal loans and credit cards
- Each inquiry averages 5 point deduction
- Multiple inquiries when shopping around for mortgage and auto loan rates count as only 1 inquiry if within 45 days