What's in your Credit Score? | CCCS of Rochester
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What's in your Credit Score?


                                                   How a FICO Score breaks down


35%- Payment History

30% Amounts Owed

15% Length of Credit History

10% New Credit

10% Types of Credit Used


Have you ever wondered what effect not paying a copay or ambulance ride can have on your credit score? In the recent past, not making a payment at your doctors office or local hospital could have made you either ineligible for mortgages or credit cards, or even force you to pay a higher interest rate when obtaining an auto loan. The steadily rising number of Americans with medical collection accounts / debts has caused Fair Issac Co. to re-evaluate the way medical delinquencies report.  This change will allow more people to obtain mortgages and car loans with reasonable interest rates. See the chart below for an example of how your credit score can effect your rates and as a result, your payments. We should begin seeing this change around late fall, 2014.







There is also good news for people who are currently renting and in the market to purchase their first home. Previously, paying your rent on time every month would have no bearing on your credit score making it more difficult to obtain a mortgage. However,  when purchasing a home, this could be the most accurate indication a lender can have when trying to determine a borrowers ability to repay their mortgage.  Experian and Transunion are colaborating with RentTrack, a service that enables tenants across the country to pay their rent online and benefit by having those monthly payments included in their credit reports.