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| 5 Factors That Decide Your Credit Score |
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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 you use. Generally, it's desirable to have more than one type of credit installment loans, credit cards, and a mortgage, for example.
| Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® |
| Copyright 2005 ©. |
www.REALTOR.org/realtormag |
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This data was last updated on Nov 21, 2024. The data is subject to change or updating at any time without prior notice. The data is deemed to be reliable but no warranties of any kind, express or implied, are given. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data is provided in part by the Internet Data Exchange (IDX) program of the Tri-County Board of Realtors®, Inc. The listing firm is identified in the detailed listing information.
Copyright © 2024 Tri-County Board of Realtors ®, Inc.
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