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What factors impact my credit score?

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When we conduct a credit check during the mortgage loan application process, one of the pieces of information that we want is your credit score. This is a number — typically between 300 and 900 — that assesses your ability to take on and repay debt. Credit scores typically represent your credit risk to a lender, or the likelihood you will pay your bills on time.

There are dozens of factors that go into determining your credit score. Some factors that may affect credit scores include your total debt, the types of accounts you have, the number of late payments you may have, how long you've had the accounts and others. If you want to learn more about credit scores, you may want to check out the website of the following credit bureaus:

You can review your credit report anytime by contacting one of the credit bureaus. If you see an error in your credit report, document it and report it quickly.