A credit score of at least 600 is now required to obtain a mortgage. Some lenders require a score of at least 650. Here is how your score is determined...
- Payment history 35% ( credit cards, retail accounts, mortgages, finance companies)
- Amounts owed 30%
- Length of credit history 15%
- New Credit 10% ( number of recently opened accounts)
- Types of credit 10% (total of various types of accounts)