Mortgage Basics
What Makes Up a Credit Score?
The FICO score generally ranges from 300 to 850, and a higher score indicates a lower credit risk. FICO scores are calculated from many sources information in your credit report, which is based on the importance of the following five categories for the general population:
- Payment History 35%
Were Payments Made on Time?
- Amounts Owed on Accounts 30%
Is the balance owed close to the limit?
- Length of Credit History 15%
How long have your accounts been open?
- New Credit 10%
How many new accounts have been opened?
- Types of Credit Used 10%
Mortgage, auto, consumer finance accounts,
revolving and installment loans.
Equal Housing Lender. Ambassador Capital Mortgage is a division of Metrocities Mortgage, LLC, a Delaware limited liability company licensed by the California Department of Corporations under the California Residential Mortgage Lending Act. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.