|
5 Factors That Decide Your Credit Score |
|
|
|
|
Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score.
- Your payment history. Whether you paid credit card obligations on time.
- How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
- The length of your credit history. In general, the longer the better.
- How much new credit you have. New credit, either installment payments or new credit cards are considered more risky, even if you pay promptly.
- The types of credit your use. Generally, it's desirable to have more than one type of credit - installment loans, credit cards, and a mortgage, for example.
For more on evaluation and understanding your credit score, go to http://www.myfico.com.
|
Buyers 
