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Delphi Real Estate
36 Garth Road
Scarsdale NY 10583
Phone: 914 723-8520
        800-255-6179
Fax: 914 723-8541
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2008 Delphi Real Estate

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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.

1. Your payment history. Whether you paid credit card obligations on time.

2. How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.

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

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

5. 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.

Your credit score, along with your overall income and debt, are a big factor in determining what loan terms you'll be able to qualify for.

Today, you need to have the best credit score possible. Before you apply for a mortgage check your credit score. Mistakes happen, and negative information seems to stay on credit reports forever.
You should and can have erroneous information removed from your file and your score improved. Unfortunately, credit agencies have little time to handle errors and disputes are often dismissed out of hand. For faster results and major items you may have to consult an expert. For help in this, we recommend using the a professional credit report repair company

See also: improving credit

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