Credit Score
XPRESS GUIDE
Credit Score
Credit scores can seem like a maze with loads of factors, but let's break it down in simpler terms:
Payment History: Paying bills on time is a win. A hiccup here or there (like one late payment) might not hurt, but two in a row? Banks won't be thrilled. Special attention accounts or AKPK? Your score takes a hit.
Amount Owed: Having lots of credit accounts with hefty balances isn't great. It pulls your score down.
Credit History Length: The longer, the better. Having a solid credit history for years boosts your score.
Credit Mix: Mix it up. Too much unsecured debt (like credit cards) and too little secured debt (like a mortgage) can lower your score.
New Credit: Applying for tons of new credit? That's a no-no. It can ding your score.
Banks also peek at:
Employment Type: Steady employment jobs are safer for banks. Being a freelancer or business owner, while potentially higher income, carries more risk.
Company Background: Big, stable companies are favored.
Position: Professionals often get a thumbs-up. Think doctors, engineers, lawyers.
Work Duration: If you've been at a job for ages, that's a plus.
Age: Being super young (under 25) or pretty seasoned (over 55) might make it tougher to get a loan.
At 3X Advisors, we're here to boost your credit score before your loan application, increasing your chances of approval. We've got your back!
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