Pam Roderick
763 449 0031763 449 0031

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.

About Pam Roderick

Picture of Pam Roderick

Pam Roderick

pamroderick@comcast.net

3515 Plymouth Blvd #205, Plymouth, MN 55447

763 449 0031763 449 0031 office

612-327-4416612-327-4416 mobile

Berkshire Hathaway Lovejoy Realty

Reviews

5cameye0170

Pam came recommended by a family member, and I've now used her to buy two houses and sell one. She is great to work with, does not pressure you, is very honest about her opinion on what you're buying or selling, and can see potential where others may not.

I... (more)

5user5763578

We have had fantastic service from The Pam Roderick Team. Pam sold one of our homes in the toughest season possible - right before the holidays. The photos and virtual tour she put together helped sell the home. Most recently she has been assisting us in... (more)

5user5497961

Pam was very diligent and hard working. Pam fought very hard for us, as customers. She was not happy until we found the house we liked. Thanks to her we now have a great home in a beautifual neighborhood.
Matt & Michelle

Review Pam Roderick on Zillow.com

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