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Mortgage Basics
What Makes Up a Credit Score?


FICO scores are calculated from different data in your credit report, which is grouped into five categories:

The FICO score generally ranges from 300 to 850, and a higher score indicates a lower credit risk. FICO scores are calculated from many sources information in your credit report, which is based on the importance of the following five categories for the general population:

  • Payment History 35%
    Were Payments Made on Time?

  • Amounts Owed on Accounts 30%
    Is the balance owed close to the limit?

  • Length of Credit History 15%
    How long have your accounts been open?

  • New Credit 10%
    How many new accounts have been opened?

  • Types of Credit Used 10%
    Mortgage, auto, consumer finance accounts, revolving and installment loans.






 

 
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copyright , Metrocities Mortgage. All Rights Reserved
Equal Housing Lender. MetroMidwest Mortgage is a division of Metrocities Mortgage, LLC, a Delaware limited liability company, Illinois Residential Mortgage Lender #6759193. Restrictions may apply, ask for details. This is not an offer for extension of credit or a commitment to lend. All calculations are approximations. All rates, fees, and programs are subject to change and/or withdrawals from the market without notice.