Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will decide your credit score for obtaining a mortgage(real estate loan).
1) Your payment history. Whether you paid credit card obligations on time.
2) How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended and will affect your credit score.
3) The length of your credit history. In general, the longer 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 proptly.
5) 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.
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