Lenders and banks have really tightened up in the last few years. It has become more important than ever to make sure your credit and score are in good shape before you start shopping for a home.
Credit scores range between 200 and 800. Scores above 620 – 720 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
CREDIT TOOLS
- Request your free annual credit report. Its QUICK, EASY and SECURE
- Your Credit and the Mortgage Process
- Know the Score About Your Credit Rating
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