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5 Factors That Decide 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 

• The length of your credit history.

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

Reprinted from REALTOR^® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS^® 

Copyright 2005.  All rights reserved.  www.REALTOR.org/realtormag

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