5 Factors That Decide Your Credit Score
Credit scores range between 200 and 800+. Scores above 720 were considered desirable for obtaining a mortgage, some banks now require an even better score.
These factors will affect your score.
For more on evaluating and understanding your credit score, go to www.myfico.com
- 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.
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