Mortgage Basics
What Makes Up a Credit Score?
The FICO score generally ranges from 300 to 850, and a higher score indicates a lower credit risk. FICO scores are calculated from many sources information in your credit report, which is based on the importance of the following five categories for the general population:
- Payment History 35%
Were Payments Made on Time?
- Amounts Owed on Accounts 30%
Is the balance owed close to the limit?
- Length of Credit History 15%
How long have your accounts been open?
- New Credit 10%
How many new accounts have been opened?
- Types of Credit Used 10%
Mortgage, auto, consumer finance accounts, revolving and installment loans.
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Equal Housing Lender. Metrocities Mortgage is a division of Metrocities Mortgage, LLC, a Delaware limited liability company licensed by the New Hampshire banking department #11523-MB-BCH. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.