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.
Call (541) 405-4145, Email, Stop By Our Office, or Use This Form to Contact Us!
Thinking of buying or selling? Contact us today! Please fill out the form below, call 541-990-7533 or Email Robert@cascadelandandhomes.com If you are in the area, please come and visit our office located at 536 S. Main Street, Lebanon, Oregon 97355 Let us explore the opportunities waiting for you!
Please rate our service! We work hard to make sure our clients are happy!