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In this post we are going to take a brief look at how your credit score breaks down. For hard money lenders, your credit score did not usually make a very big difference. These days, however things have changed, and even in the private money world, your credit is playing a more prominent part in lending decisions.

A lot of people are in the dark when it comes to the factors that determine their credit score. We have made a quick basic cheat sheet on credit score factors:

Thirtyfive percent of your credit score is derived from the history of your payments. This is the biggest of your credit score, and the newest information is the most important. The items that fall under this general category include

• Judgements
• Bankruptcies
• Collections
• Late payments

The next largest chunk of your credit score is derived from accounts owed. Credit cards, first, second and third mortgages, car loans, equity lines of credit and also boat loans all factor into this part of your credit score.

fifteen percent of your credit score is made up of the length of time your credit history shows, how long your revolving debt and credit card accounts have been open in other words.

Ten percent comes from new activity. Having your credit pulled falls under this category.

Finally, the last ten percent comes from the type of credit that you have utilized.

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