19d (edited) • General discussion
Credit 101
I made a video so you don’t have to read a lot…I’m not much of a reader 🤷🏾♀️
**Your credit score is made up of 5 factors:**
1️⃣ **Payment History (35%)**
2️⃣ **Credit Utilization (30%)**
3️⃣ **Length of Credit History (15%)**
4️⃣ **New Credit (10%)**
5️⃣ **Credit Mix (10%)**
**What score do you need to buy a home?**
- FHA loan: 580+ (3.5% down payment required)
- Conventional: 620+ (but 680+ gets you better interest rates)
- Every 20 points can save you THOUSANDS over the life of your loan
**Your homework:**
Pull your credit reports at smart credit or at https://www.creditscorego.com if you know you will need to repair your credit for as little as $19.
If that is too much, uou get one free report from each bureau (Equifax, Experian, TransUnion) every year. Pull all three and see where you stand.
**Drop your score RANGE below** (no need to share exact numbers):
- 300-579: Let's work on this together
- 580-619: You're getting there!
- 620-679: Almost home-ready
- 680+: You're golden!
Where are you at? 👇
💡 **Want to learn exactly HOW to improve each factor?** That's what I teach in 30 Points in 30 Days - week by week action steps that move the needle. [Link to course]
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Credit 101
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