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"I would like to know what is on my credit report so I can clean it up if necessary so I can buy a home in Sacramento this year. I want to pull my own reports so it doesn't lower my score since I am not within 45 days of closing. So what I want to know is which reports matter and do lenders use the FICO score still or do they take into consideration the PLUS and other score that the other bureaus offer?"

Thanks for your help.

It is great that you are thinking ahead!

I personally would not worry about getting your credit pulled ---once--- by a mortgage professional. It takes several pulls on your credit in order to affect your score. As long as you work with someone you trust, and your credit is pulled once, you will be just fine.

If you would like to pull your credit on your own you can do so at https://www.annualcreditreport.com! Please note you can only pull your credit through this website once a year.

All Banks we work with will look at your FICO scores. As I am sure you know, there are 3 credit bureaus that will provide you a score. So Bank's will usually use the one right in the middle to determine if you will qualify for your mortgage.

We work with all of our Clients that have credit challenges.  We use a software program that allows us to determine what your creidt score would be if slight changes were made. Many times just the slightest changes can make the biggest differences in regards to your FICO scores.

Here are some general guidelines on how your credit score is determined:

35% of your score is determined by your payment history.
Did you pay your bills on time and are you current on all of your tradelines (accounts)?

30% of your score is based on the amount of money you owe vs. your available credit.
Keeping your credit cards balances and other loan balances around 50% of the available credit is a good way of improving your score.

15% of your FICO score comes from the length of your credit history.
Keep in mind that even if you no longer use a credit card for example.. Still keep the account open so that you can benefit from the account history.

10% of your FICO is based on your overall mix of your credit.
This means how many types of credit do you have (car loans, credit cards. or mortgages). The more types of loans you've have, the better! Being too heavy in the credit card area could hurt you. This does not mean that you should run out and aplly for credit! 

10% of your FICO score is based on new credit that has been setup in that last 12 months.
Opening new accounts can hurt you, so keep that in mind this year.

That should get you started.. But I would think about talking to a local mortgage professional for more detailed advice. There is more to qualifying for a loan than your credit! If you are planning to buy in the next 12 months, it would make sense a professional go over your entire scenario. This way if other changes are needed, you will know to work on them as well!

Give me a call if you have any further questions! Good luck!

This blog by:

Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com

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