5 Factors That Decide Your Credit Score | KB Articles: Mortgage Loans Colorado

5 Factors That Decide Your Credit Score | KB Articles: Mortgage Loans Colorado Real Estate

Knowledge Base 5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800. Scores above 620 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 .

Amax Lending: Mortgage Loans Colorado Real Estate

We offer all types of mortgage home loans that are offered on the market today. Fixed Rates, Adjustables, Perfect Credit or not so perfect... If you can be approved for a loan, we can find the right one for you! Using a Mortgage Loan Officer that has access to all sources of lending institutions helps people get the best loan for their situation and offers all options on the market vs the programs at one bank.

Call Todd Rubick of Amax Lending and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Our all source lending strategies can be used to find the right program from the right bank to get your loan approved.