But if you have a joint account...For example both your names show up on the statement then it will be on both of your credit reports. If you are looking for a good way to build a great credit score and to be able to get you in your house here is a good way to do it.

Avoid late payments, collection or bankruptcy. So if you're late on your payments your creditors don't really care they will still send you a bill in the mail every month. One thing to realize that just one 30 day late payment on your record can take your credit score from a respectable 720 down to 680! Yes just one 30 day late payment on your report can take your credit score down 50 points.

If you try to avoid paying your bills and they send you to collection and you think it is erased off of your credit report because it has been years since that went on you credit well think again. It will still be there listed on your credit report and you will try to get a mortgage loan and the mortgage lender has the ability to make you go and settle with your creditors before he will approve anything for you.

Now bankruptcy will hit you harder then anything else on your credit report, taking hundreds of points off your credit score and it will stay with you for a long time even up to ten years on the report. Although, a bankruptcy does not automatically hurt credit score. Mortgage lenders report many instances of borrowers with bankruptcies in their past on their credit report earning better credit scores than people without one.

People who establish new credit after a bankruptcy and maintain an excellent credit history with their creditors afterward for at least two to three years can often get acceptable credit scores. Another credit scoring factor is a persons debt against available credit limits. A person with $9,995 borrowed on credit cards with $10,000 in credit limits will be severely penalized by all credit scoring systems even with a good payment history.

The meaning for lenders is that a person at maximum credit limits has no room to handle any emergencies if they happen. The only problem with this theory is that a person may have $100,000 in a bank account to handle problems that arise but credit scoring does not take this into account.

Since all studies appear to show that the credit scoring systems accurately predict whether a person should be approved for a mortgage loan or not, both Fannie Mae and Freddie Mac have made credit scoring guidelines for lenders who sell loans to these agencies. The applicants with credit scores over 660 will have acceptable credit. Those between 620 and 660 will most likely be approved but will have to work harder for their approval by showing positive factors to support their application.