Until recently, the secrets of credit score calculation have been very closely guarded. Now you can estimate how your score is put together!

The largest part of your credit score “the payment history,” which equates to about 35% of your score. The most important part of this section is making your credit payments ON TIME.  But take note, a few late payments won’t “kill your score” as long as your credit overall is good. 

FICO Scores also consider the following details on late/missed payments, public record and collection items:

• Length of positive credit history
• Severity & quantity of delinquencies
• Stay tuned because next month we will go through the next largest portion of your FICO Score, “amounts owed.”

Here is the credit score calculation again:

 

By Mike Hardy & Rick Mount –V.I.P. Independent Mortgage, Inc.      

Plumbid – a new and innovative way to market and sell your home!

Thanks for reading about the way credit scores are put together.  On another matter, how would you like a way to get 12% or more over asking price for your home? We recently sold a private view home for that amount over the list price because of the Plumbid bidding process. And buyers were solid — we made sure they were fully qualified and informed about the property before they could bid. Check here, or call or text the deFazio’s for more information at 626-825-9955.And, if you are moving to Pasadena, we can help you. With more than 50 years of combined experience, we know the territory and can find the best property for you.

Visit us at Around Town Pasadena for more about Pasadena restaurants and food, great real estate, art and culture, and shopping and fashion. We post new and exciting features for you four or five times a week.