KW McKinney Realtor® Jane Clark sat down with our favorite McKinney Mortgage Banker, Chuck Miller to bring the TSB readers some more great information on getting the right mortgage for that dream house. Chuck Milller, Sr. Vice President of First Bank offers some great tips for keeping your credit score in tip top shape.
Credit scores are comprised of five factors. Points are awarded for each component, and a high score is most favorable. The factors are listed below in order of importance.
1. PAYMENT HISTORY – 35% IMPACT
Paying debt on time and in full has the greatest positive impact on your credit score. Late payments, judgments and charge-offs all have a negative impact. Delinquencies that have occurred in the last two years carry more weight than older items.
2. OUTSTANDING CREDIT CARD BALANCES – 30% IMPACT
This factor marks the ratio between the outstanding balance and available credit. Ideally, the consumer should make an effort to keep balances as close to zero as possible, and definitely below 30% of the available credit limit at least 2-3 months prior to trying to purchase a home.
3. CREDIT HISTORY – 15% IMPACT
This portion of the credit score indicates the length of time since a particular credit line was established. A seasoned borrower will always be stronger in this area.
4. TYPE OF CREDIT – 10% IMPACT
A mix of auto loans, credit cards and mortgages is more positive than a concentration of debt from credit cards only. You should always have 1-2 open major credit card accounts.
5. INQUIRIES – 10% IMPACT
This percentage of the credit score quantifies the number of inquiries made on a consumer’s credit within a twelve-month period. Each hard inquiry can cost from three to fifteen points on a credit score, depending on the amount of points someone has left in this factor. Note that if you pull your credit report yourself, it will have no effect on your score.
About McKinney Realtor Jane Clark,
Jane Clark Realty group llc is associated with Keller Williams McKinney. Jane is a well-known and established Realtor in the McKinney/Allen Corridor. She is active in a number of local and national Charity organizations for Keller Williams. Your Listing deserves the Jane Clark touch. Jane is a nationally recognized TOP 5 elite producer for Keller Williams. Jane Clark has been featured in national media as a Real Estate technology expert. She introduced Dynamic QR Coding to both the Fairview Texas Real Estate market and the Stonebridge Ranch real estate market. She is a perennial winner of D Magazine’s Best Realtor award and has been voted the BEST McKinney Realtor. Jane has been awarded McKinney Living magazines readers choice award as the Best Realtor in the McKinney Allen Corridor. Jane specializes in homes for sale in Allen and McKinney and is a successful Allen TX Realtor as well. Jane Clark has been a fixture in McKinney Real Estate for 14 years and her office is located at
Jane Clark Realty
6951 Virginia Parkway suite 100
McKinney, Texas 75071