u have had and have successfully managed credit, the higher your credit score. However, people with relatively new credit histories or those with only one or two accounts can obtain high scores as well.

If you have recently established credit or have only a few credit refer­ences, which does not mean that you cannot get a mortgage. Working with your mortgag

A credit score is based on information in your credit report, including information about how you have handled debt and credit accounts in the past. The calculations that make up a credit score are developed by looking at the way millions of consumers manage their credit. Credit scores have proven over time to be a reliable indicator of whether or not a consumer would repay a loan. A score is determined by summarizing a number of factors in your credit report. These include:

PAYMENT HISTORY. How have you paid your debts? How often have you paid your bills after they were due? How you paid your bills in the past gives the lender some indication of how you can be expected to pay them in the future. If you have a record of paying your bills after the due date, this can lower your score. How often you have been late paying your bills, how recently your payments have been late as well as how long you remained delinquent on any bill at one time are important factors.

OUTSTANDING DEBT.

How many consumer loans and open charge accounts do you have? What are the current balances on these accounts? The lender wants to know how much credit you have and how much you have used. Research has shown that the number of credit accounts you have as well as how much of your available credit is used is important.

CREDIT HISTORY. How long have you had credit? Generally, the longer you have had and have successfully managed credit, the higher your credit score. However, people with relatively new credit histories or those with only one or two accounts can obtain high scores as well.

If you have recently established credit or have only a few credit refer­ences, which does not mean that you cannot get a mortgage. Working with your mortgage

would repay a loan. A score is determined by summarizing a number of factors in your credit report. These include:

PAYMENT HISTORY. How have you paid your debts? How often have you paid your bills after they were due? How you paid your bills in the past gives the lender some indication of how you can be expected to pay them in the future. If you have a record of paying your bills after the due date, this can lower your score. How often you have been late paying your bills, how recently your payments have been late as well as how long you remained delinquent on any bill at one time are important factors.

OUTSTANDING DEBT.

How many consumer loans and open charge accounts do you have? What are the current balances on these accounts? The lender wants to know how much credit you have and how much you have used. Research has shown that the number of credit accounts you have as well as how much of your available credit is used is important.

CREDIT HISTORY. How long have you had credit? Generally, the longer you have had and have successfully managed credit, the higher your credit score. However, people with relatively new credit histories or those with only one or two accounts can obtain high scores as well.

If you have recently established credit or have only a few credit refer­ences, which does not mean that you cannot get a mortgage. Working with your mortgag

expected to pay them in the future. If you have a record of paying your bills after the due date, this can lower your score. How often you have been late paying your bills, how recently your payments have been late as well as how long you remained delinquent on any bill at one time are important factors.

OUTSTANDING DEBT.

How many consumer loans and open charge accounts do you have? What are the current balances on these accounts? The lender wants to know how much credit you have and how much you have used. Research has shown that the number of credit accounts you have as well as how much of your available credit is used is important.

CREDIT HISTORY. How long have you had credit? Generally, the longer you have had and have successfully managed credit, the higher your credit score. However, people with relatively new credit histories or those with only one or two accounts can obtain high scores as well.

If you have recently established credit or have only a few credit refer­ences, which does not mean that you cannot get a mortgage. Working with your mortgag

pen charge accounts do you have? What are the current balances on these accounts? The lender wants to know how much credit you have and how much you have used. Research has shown that the number of credit accounts you have as well as how much of your available credit is used is important.

CREDIT HISTORY. How long have you had credit? Generally, the longer you have had and have successfully managed credit, the higher your credit score. However, people with relatively new credit histories or those with only one or two accounts can obtain high scores as well.

If you have recently established credit or have only a few credit refer­ences, which does not mean that you cannot get a mortgage. Working with your mortgag

u have had and have successfully managed credit, the higher your credit score. However, people with relatively new credit histories or those with only one or two accounts can obtain high scores as well.

If you have recently established credit or have only a few credit refer­ences, which does not mean that you cannot get a mortgage. Working with your mortgage lender, you may be able to establish a “nontraditional" credit report that is based on how well you have paid other types of debts, such as rent and utility payments.

CREDIT INQUIRIES. How many times have you authorized a lender to check your credit record? How many new accounts have been opened recently? Every time you apply for credit for an automobile or con­sumer loan, to open a new charge account, etc. the lender checks your credit history with one of the credit bureaus. This is called an "inquiry" and is recorded in your credit report. Sometimes, having many inquiries within a recent period on your file indicates that your credit usage may be increasing and creates an additional level of risk for the lender. However, don't worry that checking with several lenders about a mortgage loan will have a negative effect on your credit score. The credit report data used to calculate credit scores does not include auto or mortgage loan inquiries that occur in the 30-day period prior to the score being calculated, and auto and mortgage inquiries that occur in any 14-day period are always considered one inquiry.

TYPES OF CREDIT. What types of credit do you have in use? Do you have a mixture of types of credit, such as credit cards, personal loans, etc.?

Your credit score is calculated based on your history in these and other areas. Having established credit, paying your bills on time, and keeping the balances on open accounts