Before you start your Boston condo search, find out about your FICO credit score.
Keeping Score
Credit scores range from 300 to 850. According to MyFICO.com, approximately 13% of FICO credit scores exceed 800, and only 1% of consumers achieve a perfect score of 850. In general, the higher the score, the lower the risk to any potential lenders. Five factors are included and weighted in calculating a person’s credit score:
1. 35 percent — Payment history
2. 30 percent — Credit utilization
3. 15 percent — Length of credit history
4. 10 percent — New credit
5. 10 percent — Types of credit used
