5 Factors that Decide
Your Credit Score
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 You 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 evaluating and understanding your credit score,
go to http://www.myfico.com.
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