Credit scores range between 220 and 800.
The higher your score, the easier it is to
qualify for a mortgage.
Here is a list of factors that determine your credit score:
- HISTORY: Whether you paid on time.
- DEBT: How much you owe.
- LONGEVITY: The length of your credit history. The longer, the better.
- RISK: New credit is considered more risky, even if you pay promptly.
- TYPE OF CREDIT: It’s usually better to have multiple types of credit,
like installment loans, credit cards and a mortgage.