ESTATE TIPS & INFO.
TERMS USED IN REAL ESTATE
Factors That Decide Your Credit Score
5 Factors That Decide Your Credit
Credit scores range between 200 and 800. Scores above 620
are considered desirable for obtaining a mortgage. These factors will affect
payment history. Whether you paid credit card obligations on time.
much you owe. Owing a great deal of money on numerous accounts can indicate
that you are overextended.
length of your credit history. In general, the longer the better.
much new credit you have. New credit, either installment payments or new
credit cards, are considered more risky, even if you pay promptly.
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
For more on evaluating and understanding your credit score,
go to http://www.myfico.com.
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