This report came from MetLife Home Loans, a division of MetLife Bank.
"Perhaps the most significant part of your credit report is your credit score. Credit scores range from 350 to 850, with 850 being the best possible credit score you can receive and 350 being the worst. There are five factors that determine your credit score:
YOUR PAYMENT HISTORY: 35% impact on your credit score... pay your bills on time.
THE BALANCE OWED VERSUS YOUR AVAILABLE BALANCE: 30% impact... keep balance at 50% of available.
YOUR CREDIT HISTORY(HOW LONG ACCOUNTS HAVE BEEN OPENED): 15% of your score.
THE TYPE OF CREDIT YOU HAVE: 10% of your score. A variety of credit is best.
THE RECENT INQUIRIES INTO YOUR CREDIT: 10% impact. The less inquiries, the better.
Keep the above factors in mind and use them to improve your existing credit score. Most, if all, loan rates are based heavily on your credit score; be sure to take advantage of the lowest rates by keeping your credit score high."
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