Credit Score Factors

What Affects Your Credit Score

I am curious what is a bad credit card score, I think mine is like 650.

I have paid a few things late occasionally, but have completely have bought and totally paid for my second home.

My SS is [I suggest you don't send SS, credit card or account numbers by e-mail], also what hidden things make your credit bad.

Thanks,

Sherrie

I don't think "hidden" things make your credit score bad.

The primary factors that affect your credit score are:

• The length of you credit history - the longer you have handled credit responsibly, the better
• Your payment history - defaults and late payments, especially recent repayment problems lower your score
• Your total outstanding credit as a percentage of total credit available to you - if you have credit lines that add up to $10,000 and you've used up $9800 of it, your score will be lowered
• Finally bankruptcy, judgments against you and write offs will lower your score.

Please read The Effect of Your Credit Score on Your Mortgage Rate. A credit score of 650 would put you in the fourth tier and raise the interest you would have to pay almost 50%.

[ Some experts used to feel this is a normal score and you will qualify for the best rates, but that assertion is hard to prove. Now that the subprime mortgage mess has destroyed the housing market, I doubt it is true any longer.]

But your score might be higher than you think. In that article you will find ways to get your credit score and credit report. I suggest you do so. You might be pleasantly surprised.