A credit score is basically a number representing the a amount of risk involved in lending money to you.  Considerations that go into your score:  Payment History (35%); Amounts Owed (30%); Length of Credit History (15%); New Credit (10%); and Types of Credit Used (10%).

     Fair Isaac Company, or FICO is the most commonly used credit score.  The numbers range from 350-900 with the higher numbers deeming you more trust worthy. 

    Reason Codes are given with your credit score to let you know why yours may be lower than you like. 

•  Too few accounts currently "paid as agreed"
• Current delinquency (late payments)
• Too many inquires in the last twelve months
• Proportion of balances to credit limits too high on revolving accounts
  

    But not all is lost, there are some things you can do to counteract your score.  Fannie Mae recommends

• Strong equity position (large down payment)
• Debt ratios below highest standard ratios
• Excess cash left in the bank after closing
• Successful history of paying housing expenses