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What is in a Credit Score?

Thursday, April 21, 2016   /   by Ken Couture

What is in a Credit Score?

Are you ready to purchase a home? Have you seen your credit score lately? This is the first thing you need to do before you buy a home to make sure you can qualify for a loan.


Your credit score, also known as FICO Score, is based off of many different factors. The FICO score is issued by the Fair Isaac Corporation and ranges from 300 to 850. According to MyFico,the different factors are as follows:


Ø  35% depends on payment history.

Ø  30% depends on your amounts owed.

Ø  15% depends on your length of credit history.

Ø  10% depends on new credit and any efforts made to turn bad credit around.

Ø  10% depends on the type of credit, such as loans, credit cards, etc.


Credit scores determine how eligible you are for loans and credit cards. If your score is between 300 and 579, it is considered bad credit. This means that you may not be able to get a loan or an unsecured credit card, but if you do, there will be higher interest rates and fees attached. If your score is between 580 and 629, it is considered poor credit. If you are in this category, you can get a lower end unsecured credit card and should start working to raise your score.


A score between 630 and 689 is fair credit, and focusing on your debt to debt-utilization ratio will help raise it. Good credit is a rating between 690 and 749. At this level, you will qualify for loans, credit cards, and other benefits such as low interest rates. The highest-level rating is between 750 and 850, and is considered excellent. At this rating, lenders are happy to provide you with what you need.


There are many ways to improve your credit. You can find them here, but a few of them are to make timely payments, reduce your debt, and check your credit regularly for mistakes.

Sometimes it doesn’t take much to increase your score. If you are ready to start bettering your credit, visit MyFico for more tips! If you have any questions, call me. When you are ready to invest, buy, or sell, visit my website or call me direct, Ken Couture, 702-610-6247.

Your Home Sold Guaranteed Realty
Ken Couture
8367 W Flamingo Rd Suite 101
Las Vegas, NV 89147

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