• Greater Binghamton Office
    (607) 757 2100
  • Penn Yan Office
    (315) 536 7456

credit history

5 Factors That Determine Your Credit Score

Your credit score will be a deciding factor in whether or not you qualify for a home mortgage and what interest rate you will pay on your loan.

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.