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About Your Credit Score

 Your Credit is your BIGGEST ASSET !

Payment History - 35 %

  • Paying debt on time and in full has a positive impact.
  • Late payment, judgments and charge-offs have a negative impact.

Outstanding Credit Balances – 30%

  • Keep balances below 50% of limit - below 30% is even wiser. Do NOT close accounts
  • Pay outstanding debt down as close to zero as possible
  • Evenly redistribute the remaining balance among open lines.

Credit History - 15%

  • The length of time a particular credit line has been opened is important. A seasoned borrower is stronger.

Type of Credit - 10%

  • A mix of auto loans, credit cards and mortgages is positive- rather than a concentration in credit cards only.

Inquiries – 10%

  • Don’t “over-apply" for credit
  • Auto and mortgage inquiries receive special treatment, and 20 inquiries can be made in a14 – Day period and will be treated as only one inquiry.
  • Each hard inquiry can cost 2-50 points on a credit score.
Amy Slotnick, Branch Manager, NMLS #27030
180 Wells Ave. Suite 300, Newton, MA  02459
Office:  (781) 719-4664
Fax:  (781) 719-4684
Copyright © 2018 Fairway Independent Mortgage Corp.
FIMC NMLS #2289.
Branch Lic. NMLS #15695
Licensed by the New Hampshire Banking Department.
Complaints may be directed to:
(877) 699-0353 or customerservice@fairwaymc.com
Licensed by the NJ Department of Banking and Insurance
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