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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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