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.
