- Jamie Laskie
Credit Scores: The 411
WHAT IS A CREDIT SCORE?
Your credit score is a three digit number that rates your likeliness to pay debts back.Banks and Lenders use it to decide if they'll approve you for a credit card or loan. Your credit is tracked by 3 main bureaus: Equifax, Experian and TransUnion and scores range from 300-850. Because not all lenders report to all three bureaus, you may have a different score at each. Watch this video from credit karma for a deeper understanding on credit!

WHAT FACTORS DETERMINE YOUR SCORE?
Your payment history
How long you’ve had credit
The types of credit you have (credit cards, auto loans, student loans, mortgages, etc.)
Your credit limits and how much of those limits you’re using
How much debt you have
Hard inquiries on your credit report

SOME HELPFUL TIPS FOR A HIGHER SCORE
Once you pay off a credit card, don't close it. Closing a credit card will lower your account number, your overall credit limit, and possibly your credit history, which can lower your score.
Try not not miss payments, payment history makes up 35% of your credit score so try setting all lines of credit on autopay so you never miss a payment.
Try and keep your overall balance at or below 30% of your overall limit. This shows lenders that although you use credit, you don't push it to the limit.
If you can pay off your balance every month.
Use credit cards for NEEDs not WANTs
Have a mixture of credit types, and only open new accounts when you need them.

HOW CAN I CHECK MY SCORE WITHOUT LOWERING IT?
There are many online resources that will obtain a credit score for you, without a hard inquiry or fee. Credit Karma and Mint by Intuit are some. Additionally, every time your credit is pulled by an institution you can request a copy of your credit report within 30 days of it being pulled without a fee or an additional pull of your credit.
I can also pull your credit for free, using a soft pull, which does not affect your credit score. Ask me how!
Jamie Laskie
NMLS 1641628
970-581-4811
Guild Mortgage Company is an Equal Housing Lender; Company NMLS #3274
Jamie Laskie is a licensed Loan Officer in Colorado for Guild Mortgage Company; Regulated by the CO Division of Real Estate. Licensed in the state of Colorado, NMLS #1641628. The postings on this blog don't necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
The information provided herein has been prepared by a third party and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.