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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%
Josh Hennessy Mortgage Team MegaStar

Josh Hennesy

Producing Branch Manager //  NMLS #452548

I take great pride in helping current and future homeowners obtain a home or refinance their existing one. Integrity is the cornerstone of my business. I believe a mortgage should be about building relationships and helping my customers find the home loan that’s right for them. I’m here to answer your questions so you have a clear understanding of what you can comfortably afford. Many loan officers can help you get a loan. My mission is to help you find the home loan that’s right for you.

josh@megastarfinancial.com(612) 716-1187
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Josh Hennessy Mortgage Team MegaStar

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