Buy & Sell - Chris Gemlo Team
Chris Gemlo
612-990-9595612-990-9595

5 Factors That Decide Your Credit Score

5 Factors That Decide Your Credit Score

Credit scores range between 300 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

  1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.
  2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.
  3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
  4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.
  5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Current Last Week
30 Year Fixed 3.5% 3.46%
15 Year Fixed 2.91% 2.87%
5/1 Adjustable 2.97% 3.22%
Current Mortgage Rates

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I lived in another state and was trying to find a condo while going to school in Minneapolis. Chris was extremely helpful and flexible in meeting with me to find the perfect fit.

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About Chris Gemlo

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Chris Gemlo

Real Estate Professional

MN lic#: 20330770

chris@chrisgemlo.com

612-990-9595612-990-9595 office

612-990-9595612-990-9595 mobile

Counselor Realty

7300 France Ave S Suite #102 Edina, MN 55435

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