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Credit scores range between 400 and 850. Scores above 620 are
considered desirable for obtaining a mortgage. Not saying if
your score is below 620 you can’t get a mortgage; today banks
have programs for most credit scores. 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
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