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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 you use. Generally, it’s desirable to have more than one
type of credit—installment loans, credit cards, and a mortgage, for
example.
e-mail
questions to:
broker@evans-moore.com
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