Скачать или смотреть How Credit Scores Are Calculated in 2022

Your mortgage credit score is different than the score you will see on a platform like Credit Karma.

The algorithm is different.

Here is how they are created.

35% of your score is based on your payment history

Meaning do you pay your bills on time.

30% is based on amounts owed.

Meaning do you keep your balances low?

15% is based on the length of credit history.

Have you maintained a good payment status for a long period of time?

10% is based on New Credit.

10% is based on credit mix.

This tracks the diversity of your mix of credit types like loans and credit cards.

There are 3 bureaus and lenders use the mid score.

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