Evergreen Pacific Services Mortgage Company: Credit Scores

New Credit

Are you taking on more debt?

APPROXIMATELY 10% OF YOUR SCORE IS BASED ON THIS CATEGORY

People tend to have more credit today and to shop for credit - via the Internet and other channels - more frequently than ever. Fair, Isaac scores reflect this fact. However, research shows that opening several credit accounts in a short period of time does represent greater risk - especially for people who do not have a long-established credit history. This also extends to requests for credit, as indicated by "inquiries" to the credit reporting agencies - an inquiry is a request by a lender to get a copy of your credit report.

The Fair, Isaac scores distinguish between searching for many new credit accounts and rate shopping, which is generally not associated with higher risk. In part, this is handled by treating a grouping of inquiries - which probably represents a search for the best rate on a single loan - as though it was a single inquiry. Your score takes into account:

How many new accounts you have. The score looks at how many new accounts there are by type of account (for example, how many newly opened credit cards you have). It also may look at how many of your accounts are new accounts.

How long it has been since you opened a new account. Again, the score looks at this by type of account.

How many recent requests for credit you have made, as indicated by inquiries to the credit reporting agencies. Note that if you order your credit report from a credit reporting agency - such as to check it for accuracy, which is a good idea - the score does not count this. This is considered a "consumer-initiated inquiry," not an indication that you are seeking new credit. Also, the score does not count it when a lender requests your credit report or score in order to make you a "pre-approved" credit offer, or to review your account with them, even though these inquiries may show up on your credit report.

Length of time since credit report inquiries were made by lenders.

Whether you have a good recent credit history, following past payment problems. Re-establishing credit and making payments on time after a period of late payment behavior will help to raise a score over time.

Evergreen Pacific Services Mortgage Company

514 2nd Avenue

Fairbanks, Alaska 99701

Toll Free:

877-633-5834

Phone:

907-457-5834

Fax days to:

907-457-2330

info@evergreenmortgageloan.com

P o w e r e d b y

514 2nd Avenue
Fairbanks, Alaska 99701

Toll Free:	877-633-5834
Phone:	907-457-5834
Fax days to:	907-457-2330
info@evergreenmortgageloan.com