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5 Factors That Decide Your Credit Score

Credit scores range between 220 and 800. The higher your score, the easier it is to qualify for a mortgage. Here is a list of factors that determine your credit score:

1. History - Whether you paid on time

2. Debt - How much you owe.

3. Longevity - The length of your credit history. The longer, the better.

4. Risk - New credit is considered more risky, even if you pay on time.

5. Type of Credit - It's usually better to have multiple types of credit, like installment loans, credit cards and a mortgage.

Need to know more. As an Associate Broker at Appleseed Homes I work hand-in-hand with Mortgage Links, a full service mortgage company. Call me at 917-575-0583 for any of your real estate needs.

Gaye Granice, Appleseed Homes

Posted by Gaye Granice, Associate Broker on 10/21/2009 07:31 AM

Comments (4)

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4 Comments on 5 Factors That Decide Your Credit Score

OCT

Good credit is important...good credit counseling...priceless !

And, the score used canbe an average of all three reporting companies rather than a score from just one.

I checked my credit information yesterday on Trans-Union. It said that I didn't have enough credit cards? I have two, who needs more than two? It said I didn't have enough mortgage's? Who needs more than one? It also said that I have too much revolving debt, well they got me there.

NOV

It's also better to have multiple credit cards with small balances, that couple that are almost maxed out.

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