CREDIT SCORE 101
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What is a credit score?
A credit score is a three-digit number lenders use to help them decide if you qualify for a loan.
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Exceptional 800
Very Good 740-799
Good 670-739
Fair 580-669
Poor Below 580
What is a good
credit score?
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How are credit scores calculated?
Credit agencies look at the kinds of loans you have, how long you ve had them, how often you make your payments on time, and more.
The type of credit you have like autoloans, mortgages and credit cards and how much you owe
Credit Mix
Whether you ve paid past credit bills on time
Payment History
How often you apply for new credit
New Credit
How much you currently owe on your accounts and how many accounts you have
Amounts owed
How long you ve had credit accounts for
Length of credit history
Why are credit scores so important?
A good credit score can increase your chances of having your loan approved and it might help you get a lower interest rate too!
Congratulations!
You completed Credit Score 101!
A
Call one of our knowledgeable Loan Advisors to see i f you qualify with a Freedom Mortgage loan with your credit score.
Learn More
Hover over the pie chart pieces to find out what makes up a credit score.
Source www.myfico.com
Takes approximately 2-5 minutes
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Tap on the pie chart pieces to find out what makes up a credit score.