What Lenders Look at on Your Credit Report

When you apply for a mortgage loan to buy a home for sale in Lake City, your lender is going to check your credit score. Here’s what you need to know.

Lenders look at your ability to repay other loans when they’re deciding whether to let you borrow money to buy a house. Here’s an easy breakdown of what your actual credit scores represent:

35% of your score depends on your payment history (on-time or late payments)
30% of your score depends on how much of your available credit you’re using
15% of your score depends on the age of your credit history (how long you’ve had credit)
10% of your score depends on you having different types of credit (not all credit cards or auto loans, for example)
10% of your score depends on the number of credit inquiries you’ve had in the recent past

What Credit Scores Tell Lenders

A high credit score suggests to a lender that you’re likely to repay your loan – and that you’re likely to pay on time. A lower score suggests the opposite.

Are You Moving to Lake City?

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What Lenders Look at on Your Credit Report