Five Factors that Decide Your Credit Score

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.

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.

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A new look for a long standing career.  Diane C Butler has been in the real estate business for the past 27 years and has extensive knowledge of the local market place. Helping to serve the NY and PA communities with personal hands on full service real estate.

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