Credit Scores

Credit Score FAQ

Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score. With the current down-turn in the real estate market, lenders are a bit more lenient with credit scores if the reduction of score is related to the loss of employment or short sale of their home


·         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