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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.
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