Your Credit Score
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.