6 items that affect your credit score.

Credit scores range between 350 and 850. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score.

1.)  The number of credit lines you have open.  A lender usually likes to see 3 or more open credit lines (history)  They can tell that you have been consistent on all 3 whereas if you only have one they do not have the depth to judge you by.

2.)  Your payment history. Whether you paid credit card, car payments, house payments, student loans on time.

3.)  How much you owe versus how much you could owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.   If your limit is $5000 then a $200 balance is better than a $4800 balance.  The lower the balance and the higher the limit ratio is best.

4.)  The length of your credit history. In general, the longer the better.

5.)  How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly.

6.)  The types of credit you use. Generally, it's desirable to have more than one type of credit-installment loans, credit cards (revolving credit), and a mortgage, for example.