www.FindAzProperties.com - Factors that Decide Your Credit Score

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 made credit card payments 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, such as installment loans, credit cards, and a mortgage for example.

   

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

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