Many things may impact credit history |

Many things may impact credit history

Home Connection.BY COLORADO ASSOCIATION OF REALTORSQuestion: I’m applying for a home mortgage loan and was wondering what things impact my credit? Answer: There are five main areas that can impact a person’s ability to obtain credit. • Payments – Late payments, delinquencies and bankruptcies – anything that indicates a past failure to pay on time – will hurt your credit score. The more recent these problems occur, the more weighted they will be when figuring your credit score.• Current debt – The more debt you have, the greater the chance is that you will not be able to keep up with monthly payments. This means that current debt is also heavily rated into your score.• Credit inquiries – Frequent credit checks by companies often indicate that you may be in the process of increasing your debt. This does not include self-requested credit checks, which cannot be held against you.• Credit lines available – The more credit lines you have available to you, the more lenders will think you are at risk. This is because you can easily increase your outstanding debt, causing you not to be able to meet all of your payments.• Length of credit history – Creditors aren’t allowed to look at age when determining credit worthiness, however, if your credit history is short, they won’t be able to give you a good score as you don’t have a track record for them to rate. The Federal Fair Credit Reporting Act (FCRA) makes free credit reports available to all U.S. Consumers. Contact them at or (877) 322-8228.This column, brought to you by the COLORADO ASSOCIATION OF REALTORS, is meant as general information. Consult your local Realtor regarding specifics about home buying or selling. Please submit your question to Tyrone Adams at

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