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.
