What You Need To Know:
1. What is the credit score range? Generally, scores range between 350 and 850.
2. What is a good credit score? Usually a score of 720 or higher is best.
3. What makes up a FICO, or credit score? The breakdown of a FICO score is as follows:
35% - Payment History
30% - Amounts owed
15% - Length of credit history
10% - Types of credit
10% - New Credit
4. Should a person pay off their debt? If you are pursuing a loan, then you should pay off any unsecured, or credit card debt.
5. How many credit cards should a person have? New credit users should have no more than two to three. Seasoned credit users with good history can have anywhere from 5-7 and be safe, although not recommended. Opening too many accounts over a short period of time red flags your file.
6. What balance should I carry on my credit cards to maximize my credit score? You should have a very low or zero balance on your credit cards. If you do carry a balance, it should be no more than 30% of the card limit.
7. Should I close any of my credit cards? It may seem like a good idea to open all credit cards offered to you. But creditors look at your potential for debt when considering you for credit. However, once the account is open, the damage is done. Closing credit card accounts will bring DOWN your credit score. When and if you do close credit card accounts, close the newest ones with the lowest limits first.
8. How do inquires affect your credit score? An inquiry can affect your score anywhere from 2 to 30+ points, depending on other factors in the report. But only inquires you make for new credit affect your score.
9. Is your FICO score affected if you run a personal credit report? No, Personal credit checks, as well as credit inquires by potential employers or businesses who want to offer you goods appear on your report as inquires, but do not affect your score.
If you are in need of a Mortgage Consultant, please feel free to Contact Me for a list of reliable referrals.
About Me
- Shielamarie Suttle, ASP CNE REALTOR®
- I am a Licensed REALTOR dedicated to providing the highest level of service to buyers and sellers. I strive to be known by other real estate agents as a true professional and a pleasure to do business with. My mission is to treat each and every client as an individual and to always put that client's needs first. My goal is to get the job done with as little hassle as possible. I am aware that most clients want even more than just a no hassle transaction, what they really want is someone who will listen to their needs and desires. That is what I am great at! I have been an Arizona resident for over 22 years and am deeply familiar with most every area across The Valley. I specialize in servicing Mesa, Gold Canyon, Apache Junction, Gilbert, Higley, Queen Creek and Chandler. Most importantly, I am a full-time, full-service real estate professional. Our real estate market is ever-changing and working with an agent like me who is embedded in the industry on a daily basis will ensure a winning experience when buying or selling your next home.
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You can find great local Mesa, Arizona real estate information on Localism.com Shielamarie Suttle is a proud member of the ActiveRain Real Estate Network, an online community to help real estate professionals grow their business.
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