How to Avoid Overpaying for a Home in Austin’s MarketIn a competitive market, it’s easy to feel pressure to move quickly when you find a home you like. However, making emotional
Credit
Dated: May 16 2019
Views: 56
I know firsthand how a credit score can have one of the biggest impacts on your financial life. Understanding how credit scores work can help you acquire and maintain healthy finances.
There are 5 parts that make up the calculation of your credit score, and each are weighted differently:
- Payment history—the record of your on-time and late payments—makes up 35% of the calculation.
- Credit utilization rate—how much total debt you have vs. how much credit is available—makes up 30% of the calculation.
- Credit history length—the time elapsed since each account was opened—makes up 15% of the calculation.
- New credit—how much new credit you have—makes up 10% of the calculation
- Types of credit—the variety of loans you have, i.e. mortgages, installment loans, revolving accounts, etc.—makes up the final 10% of the calculation.
Regardless of whether you are looking to purchase a home now or in the future, monitoring and understanding your credit score is a wise financial practice.
Cyndi Cobb
I am a family oriented person who loves to assist people in their Real Estate needs. I have worked in Real Estate nearly my whole life, When I was growing up I worked with my parents in their Constru....
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