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Understanding your credit score

Unsure of what you need to obtain financing for your mortgage? Find out everything you need to know below.
Outstanding debt
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Length of
credit history
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Payment history
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
New credit
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Types of credit
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Example Monthly Payment:
Find out what your monthly payment will be - including applicable finance charges, PMI, hazard insurance, and property taxes.
$981.00
Outstanding debt
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Payment history
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
New credit
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Types of credit
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.
Length of credit history
30% of your credit score is determined by your outstanding debt. Managing the amount you owe versus your available credit is heavily weighted in determining your credit score. For example, if you have a credit card with a limit of $1,000 and you have a balance of $998 your score will be negatively impacted. It is best to keep your balances to at or below 30% of what is available. In our example it would be at or less than a $300 balance.

*Prosperity Home Mortgage, LLC is not a credit counselor. Information displayed is not credit advice and should not be relied upon or interpreted as such.

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