5 Factors That Decide Your Credit Score

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:

  1. HISTORY: Whether you paid on time.
  2. DEBT: How much you owe.
  3. LONGEVITY: The length of your credit history. The longer, the better.
  4. RISK: New credit is considered more risky, even if you pay promptly.
  5. TYPE OF CREDIT: It’s usually better to have multiple types of credit,
    like installment loans, credit cards and a mortgage.