Home Buying Advice - What Determines Your Credit Score
List of factors that determine your credit score.
What Factors Determine Your Credit Score
This page contains a list of 5 factors that are used to determine your credit score. Generally a credit score ranges from 200 to 800 with the higher number the better. Anything above 620 is desirable if you want to obtain a mortgage.
Payment History - If you have credit cards or loans do you make your payments on time.
Dept - If you have a large amount of dept compared to your income then this may indicate you are overextended.
Length of History - A longer credit history is better than a short credit history.
New Credit - A large amount of new credit can be seen as a bad sign.
Types of Credit - The more types of credit you have the better. If you have never had a mortgage or loan then the lender does not know how good you are at making set payments.Return to Home Buying Advice