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.
Click here for printer-friendly format
Contact Beach Club Brokers
For over 30 years, Beach Club Brokers has offered all types of residences from which to enjoy this unique island city. We offer a wide variety of distinctive Old Town homes and waterfront condominiums to meet all tastes and budgets. Simply fill out and submit this form and we'll be glad to get back with you.
Contact us now.
305.294.8433 | 800.545.9655