Skip to main content

Factors Used to Determine Your Credit Score

Apr 28, 2015 08:03AM ● Published by Erik Dittmann

By: Kris Weninger
Weninger Mortgage Team Fairway Independent Mortgage Corporation - Beaver Dam , WI

Nearly any time you apply for credit, the lender will check your credit score.  So much has been advertised and written about credit scores that I thought it would be a great opportunity to discuss what goes into this important number.  There are five major factors used to determine your score. Let’s review!

The 5 Factors that Determine Credit Score:

PAYMENT HISTORY – 35%    The more often you pay your bills without exceeding the late period, the higher your Payment History score.

AMOUNT OWED VS CREDIT LIMIT – 30%   The closer your current debt is to your credit limit the potential the lower scores you can have.  

LENGTH OF CREDIT – 15%   The longer you have active accounts, the higher the credit score.

MIX OF CREDIT – 10%   A mix of different types of loans such as credit cards, car loans and student loans increases your credit score. 

NEW CREDIT ENQUIRIES – 10%  The more often you apply or look for new credit, the lower your credit score. 

It is always good practice to review your credit score annually to make sure your accounts or Social Security Number have not been breached and to take any actions necessary to address any discrepancies. 

Fairway Independent Mortgage Corporation (NMLS 2289).

Kristine Ann Weninger (NMLS#225608)

836 Park Ave, Beaver Dam, WI 53916

920-960-0852  kweninger@fairwaymc.com

Equal Opportunity Lender

real estate mortgage lending credit score borrowing
  • Tour de Marsh

    01/17/2018
    07:00AM — 10:00AM

    It is time to shake the cobwebs out of the Tour de Marsh kick-off ride and make it relevant for t...


  • Moms Unite - Wednesday Morning Group

    01/17/2018
    08:30AM — 09:30AM

    Join us for a Mom's Group! Bring your kids or bring yourself! The choice is yours! Our Mom's g...


  • Purpose Workshop

    01/17/2018
    04:30PM — 06:30PM

    Research shows that people who know their purpose and can clearly articulate it can add up to sev...


  • Schedule: Each day, the tour actor/educators will rehearse with the students for three hours plus...


  • Krafty Kids

    01/17/2018
    05:30PM — 07:30PM

    Drop off your 4 year old or older child/children for a craft time while you play Volleyball for t...


  • Tour de Marsh

    01/21/2018
    07:00AM — 10:00AM

    It is time to shake the cobwebs out of the Tour de Marsh kick-off ride and make it relevant for t...


  • Tour de Marsh

    01/22/2018
    07:00AM — 10:00AM

    It is time to shake the cobwebs out of the Tour de Marsh kick-off ride and make it relevant for t...


  • WIRED Double Days

    01/22/2018
    07:00AM — 09:00PM

    WIRED Study Club is for 7th-12th grade students. READ, STUDY or DO HOMEWORK @ The Open Door Coffe...


  • Krafty Kids

    01/22/2018
    05:30PM — 07:30PM

    Drop off your 4 year old or older child/children for a craft time while you play Volleyball for t...


  • The Joy Hour

    01/22/2018
    06:00PM — 07:00PM

    Want to make a change in your life but not sure how to make it last. Join us at The Joy Hour, wit...


  • Dress up like Paul Bunyan and build yourself a log cabin! Eat a mighty meal fit for lumberjacks a...


  • David Geschke Speaker Series

    01/23/2018
    07:00PM — 08:00PM

    Four part speaker series based on chapters from my upcoming book "Feed Your Angel". Those who att...


  • Books & Beer with author Kristin Oakley

    01/25/2018
    07:00PM — 08:00PM

    Join us as we talk with author Kristin Oakley about her novel "Carpe Diem, Illinois" and her writ...


  • David Geschke Speaker Series

    01/30/2018
    07:00PM — 08:00PM

    Four part speaker series based on chapters from my upcoming book "Feed Your Angel". Those who att...


  • Guys On Ice

    02/03/2018
    02:00PM — 09:00PM

    Wisconsin’s popular “Guys on Ice” musical featuring singing and dancing ice fisherman visits Beav...


  • David Geschke Speaker Series

    02/06/2018
    07:00PM — 08:00PM

    Four part speaker series based on chapters from my upcoming book "Feed Your Angel". Those who att...



High School Sports
Weekly Recipes