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Understanding

your credit

What does your credit report say about you?

What does your credit say about you?

Not knowing what your credit report says about your finances may cost you more when trying to obtain a mortgage. Even those who pay everything on time might have an unaddressed credit issue that is hurting their credit! It is possible for incorrect information to be reported on your credit report, and it is important to identify any issues and correct them before you apply for a mortgage.

What makes up your credit report?

Your credit score is a numerical representation of your trustworthiness in paying back debt. Each bureau will present you with a credit score based on the data they have.

What is reported?

A few of the items reported on your credit may include:

  • Credit Cards
  • Department store cards
  • Gas cards
  • Bank cards
  • Airline cards
  • Installment Loans
  • Mortgage loans
  • Auto loans
  • Student loans
  •  Utilities
  • Rent (sometimes)
  • Collections or judgements
  • Bankruptcies

What does your credit history look like?

Credit history is a record of the health of each reporting credit line. Your credit score is created from the list below.

Payment History

35%

Time Existing

15%

Debt

30%

Account Variety

10%

New Credit

10%
Michael Piccolo Mortgages

Michael Piccola

Branch Manager //  NMLS #1269145

Buying a house is the largest financial decision that many people make. But of course, not everyone has the cash to make that purchase outright. To help close the gap between you and your dream house, Team Picccola- Michael Piccola offers superior mortgage lending services to match your unique needs!

Michael can help you find the right home loan for you. He offers a fast, convenient lending process with exceptional service. Our team assists with everything from USDA loans and veteran loans to FHA loans and more.

Whether you’re a first-time home buyer looking to purchase your first home or a current homeowner looking to refinance, call our mortgage lender in the Tri-State Area, today to get the help you need!

teampiccolaloans@gmail.com(859) 801-0442
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Michael Piccolo Mortgages

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