Credit scores range between 200
and 800. Scores above 620 are considered desirable for
obtaining a mortgage. These factors will affect your
score.
35% of your credit score
consists of your payment history. Whether you paid
credit card obligations on time.
30% of your credit score is how
much you owe. Owing a great deal of money on
numerous accounts can indicate that you are
overextended.
15% of your credit score is the
length of your credit history. In general, the
longer the better. Therefore; if you should close
an account ( even if the account is in good
standing) could have a Negative impact on your
credit score.
10% of your credit score is how
much new credit you have. New credit, either
installment payments or new credit cards, are
considered more risky, even if you pay promptly.
10% of your credit score is 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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