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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.
 
For more on evaluating and understanding your credit score, go to http://www.myfico.com.

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