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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. In general the longer the better.
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/?lpid=NARI3.
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