How Your Credit Score Is Assessed

A credit score of at least 600 is now required to obtain a mortgage. Some lenders require a score of at least 650. Here is how your score is determined... 

  1. Payment history 35% ( credit cards, retail accounts, mortgages, finance companies)
     
  2. Amounts owed 30%
     
  3. Length of credit history 15%
     
  4. New Credit 10%  ( number of recently opened accounts)
     
  5. Types of credit 10% (total of various types of accounts)