Five 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 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/?lpid=NARI3.

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.

Click here for printer-friendly format

Contact Us

Thank you for taking the time to visit my site and learn about my services. I would love the opportunity to chat with you about your property and how I might be able to help you with your real estate transaction.

Feel free to call or text me at 410-652-6997, or call me at the office at 410-823-0033.   If you prefer, please fill out the contact form below, and I will get back to you promptly.

* Required