Credit Reports 101: A Quick Snapshot
- Andee Bryan
You’ve likely heard how important your credit score is when applying for loans, but what are the important factors that go into determining your credit score and what are some things you need to do to keep your credit score clean? Check out “Understanding Your Credit Score,” a C&N Library article written by Senior Loan Underwriter, George Greeley, that examines why your credit score is important, how to build or improve your credit and things to avoid so you don’t run into common credit pitfalls. Below is a summary to quickly and easily reference the most important factors in determining your credit.
Best Practices for Maintaining Good Credit
- Past payment history is the most important factor in your score, so make sure all payments are in full and on time.
- Keep revolving accounts at no more than 30% of the available credit limit. Anything over 30% can deduct points from your score.
- The longer you keep an account active and open, the better. Lenders like to see positive accounts over a longer period.
- Diversify your credit portfolio. Don’t rely on just one source to raise your score. Having a mixture of Term and Revolving loans will be beneficial to your score.
- Keep inquires to a minimum. Scores can fall 50-60 points from credit inquiries by financial institutions. However, shopping for a mortgage is an exception to this rule. Generally, customers can get several quotes from different financial institutions for 30 days. Your score will not be affected as long as it is within a 30-day window.
Negative Factors that Affect Your Credit
- Late payments, collection accounts and judgments stay on your report for 7 years from the date they were initially reported.
- Chapter 7 Bankruptcy will remain for 10 years from the first reported date.
- Chapter 13 Bankruptcy and tax liens will stay on your report for 7 years from first reported date.
- Inquires will remain on your report for 2 years, although some may only show for 90 days.
There are three main Bureaus that determine your credit score. If you see a discrepancy on your report, you should contact the correct bureau:
- Equifax Beacon:
- Atlanta, GA
- Score range: 350-950
- Trans Union Empirica:
- Chicago, IL
- Score range: 395-848
- Experian FICO:
- Orange County, CA
- Score range 400s-800s
Andee Bryan is a Mortgage Loan Originator at C&N covering Tioga County and surrounding areas to include our NY market. She earned her Bachelor's of Science degree in Business Administration and Finance from Mansfield University in 2004. Andee has a professional background in Real Estate, beginning with her time at a local law firm where she worked on title searches and closing documentation. Prior to joining C&N in 2016, she worked at two local financial institutions. Shortly after starting her journey with C&N, Andee became a mortgage lender focusing on purchase, refinance and construction mortgages. Her customer focus, organization and attention to detail has excelled her knowledge and excellence in the mortgage arena.
Andee takes pride in helping the community both in and out of work. She credits her strong work ethic to being raised in a family who took gratification from their work and valued a positive outcome. “Our family's drive to go the extra mile has always spoken volumes to our integrity, determination and accountability, and I wouldn’t want it any other way," says Andee. She worked at her family's business at a young age and often spent time helping her community prosper. She plans to draw on these values to help customers turn their dreams into reality.
In her spare time Andee enjoys spending time with her children and husband doing various activities, such as camping, vacationing, crafting, and working on their family farm raising vegetables, beef, chickens and more. She also coaches softball and volunteers her time with the local 4-H chapter.