Scores can range between 200 and 800. Generally speaking and especially in the current market, scores above 620 are considered desirable for obtaining a mortgage. The following factors will affect your score.
1. Your Payment History. Whether you paid credit card obligations on time etc...
2. How Much You Owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
3. The Length of Your Credit History. The longer your credit trail the better.
4. How Much New Credit You Have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.
5. The Types of Credit You Use. Generally, it's desirable to have more than one type of credit. For example - having installment loans, credit cards, and a mortgage.
--Our goal in maintaining this blog is to provide you with valuable information, tips, and general insight for buyers, sellers and investors in the Dallas Texas real estate market. If you choose to use Exceptional Realty Services, feel free to call us anytime, we'd be honored to help. We can assist you with the process of finding a home, help with getting a loan, information for relocation, listing and selling your home, investment tips and tools, foreclosure assistance, and short sale information.