• Home
  • Search Homes
    • Advanced Search
    • Map Search
  • Buyers
    • Active Listings
    • Buyers FAQ
    • Featured Listings
    • Home Buying Process
    • How We Help Buyers
    • Mortgage Info
    • Relocation & Newcomer
    • Rental Listings
  • Sellers
    • Market Reports
    • How We Help Sellers
    • Home Selling Process
    • Marketing Listing
    • Sellers FAQ
    • What’s My Property Worth
    • Sold Properties
  • Investors
    • How We Help Investors
    • Real Estate Investing Process
    • Investment Strategy
    • Investors FAQ
  • Categories
    • Affordable Housing
    • Education and Schools
    • Foreclosure and Short Sale
    • General
    • Home Buying
    • Home Improvements & Repairs
    • Home Selling
    • Housing Market
    • Houston Living
    • Investments
    • Luxury Neighborhoods
    • Mortgage & Finance
    • Neighborhoods & Communities
    • Relocation & Newcomer
    • Safety & Security
  • Cities:
    • Bellaire
    • Bunker Hill
    • Cypress
    • Houston
    • Jersey Village
    • Katy
    • Pearland
    • Sugar Land
    • West University
  • About
    • Our Team
    • Our Friends
    • Bill Edge
    • Service Providers
  • Contact
    • Bill Edge
    • Kathryn Peters

Man-Edge Properties

Inner Loop Houston Real Estate Professionals

713-240-2949

Search Homes

Search the MLS for
ALL Properties

Learn about the Home
Buying Process

Learn about the Home
Selling Process

/ Credit Scoring Quick Answers

Credit Scoring Quick Answers

June 1, 2010 billedge

Credit Scoring Quick Answers

What does a credit score range from? 300 to 850

What is a good score?

680 and above is considered “A” credit

What determines the credit score?

35% payment history (lates, collections, charge-offs, public records) 30% account utilization (balances being carried)

15% length of credit history

10% types of credit (mixture is best)

10% inquiries (only the first ten count)

Should a person pay-off their debt?

The only debt that should be paid during the loan process is unsecured debt (credit cards.)

Paying collections will decrease the credit score due to the date of last activity becoming

recent. But if you do decide to pay off a collection, MAKE SURE that the creditor gives you a

letter of deletion first.

What balance should I carry on my credit card to maximize my credit score?

As close to zero as possible, but if you can’t pay them to zero, make sure that all

balances are under 50% of the limit, preferably 30%.

Should I close any of my credit cards?

NO. If you close credit cards your score will most likely go down. It will appear to the

FICO that your debt ratio has gone up. Also, closing a card will effect other factors in the

score such as length of credit history. If you have to close a credit card account, make sure

it is a more recent account.

How much do inquiries hurt the score?

Between 2 and 50 points, but only for a year from the date of the inquiry. Only the first ten

inquires are counted and all auto and mortgage inquiries made within a 14 day period

are treated as one.

Does the score go down if a person runs their own personal credit report?

NO. You can pull your report as many times as you want personally, and it will not

effect your score.

How many credit cards should a person have? 3 to5 cards is best.

Tweet

Related Posts

  • Get Finances in Order with Free Report
  • Mortgage Calculator
  • Mortgage Lenders
  • Financial crisis has changed JUMBO LOANS
  • Housing Assistance for Veterans in Houston

Filed Under: Mortgage & Finance

What Is Your Home Worth?

Get a FREE expert analysis of any home with Comparable Sales & Market Trend

FIND OUT

Categories

  • Affordable Housing
  • Area Links
  • Consumer Tools
  • Education and Schools
  • Foreclosure and Short Sale
  • General
  • Highrise & Condo
  • Home Buying
  • Home Improvements & Repairs
  • Home Selling
  • Housing Market
  • Houston Living
  • Houston Photos
  • Investments
  • Luxury Neighborhoods
  • Mortgage & Finance
  • Neighborhoods & Communities
  • Relocation & Newcomer
  • Rental Listing
  • Safety & Security
  • Uncategorized
  • Video Library

Search The Site

LUXURY HOMES

View luxury neighborhoods and homes for sale

SEARCH

HOUSTON MARKET UPDATES

1 Minute Housing Market Report
Home Sales & Prices
Neighborhood Information

FIND OUT NOW

Contact Us

Bill Edge, Managing Broker

2900 Suffolk Dr.
Houston, TX 77027-5122
Direct: 713-240-2949
Fax: 713-758-0358
bill@billedge.com

Terms of use

Follow us:

Real Estate Quick Links:

City Guides Foreclosure Search High Rise Living Open House Finder Public Schools Statistics & Ratings

Local Real Estate News & Tips:

The Real Estate business can be crazy

If you have been a Realtor for many … [Read More...]

2019 Real Estate Trends

The trend in 2019 will be for Real … [Read More...]

Realtors say chapter 19 changes need study

Bill Edge, A. David Schwarz, and Ed … [Read More...]

© 2025 Man-Edge Properties | WordPress for Real Estate

Sitemap | Log in