HAVE A FEW MORE QUESTIONS?
Our Loan Experts Can Help
-
What Are The Five Factors Of A Credit Score?
About 35% of your score is payment history. 30% is balances versus available credit. 15% is the credit history length. 10% is age of new credit. 10% is types of credit.
-
Will Pulling My Credit Hurt My Credit?
These are called credit inquiries and are only a very small portion of your overall score. Looking at your score occasionally will not hurt your score in most cases. However, if you apply for a lot of credit all at once, this can drop your score.
-
Do Mortgage Credit Pulls Hurt My Score?
The short answer – No. Mortgage credit checks (sometimes called pulls) are categorized differently from a credit card requestor pulling your score. The bureaus understand that opening up a house loan is considered good debt, where opening up a bunch more credit cards is not.
-
Should I Close My Old Credit Cards If I'm Not Using Them?
Generally – No! A large portion of your credit score is how much debt you are using compared to how much debt you have available. Closing a card hurts this ratio, so only consider closing a card if there is a monthly fee or another good reason to do so.
-
Can I Raise My Score On My Own?
Yes, you can. Paying down credit card debt is the best way and making ontime payments. You can also dispute incorrect information on your report. Although you can technically do this on your own, most find hiring a professional who knows what to target and how to do it can lead to better results.
Spire Financial brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.